A further subsidiary of The Sony Group, Sony Network Communications, has formed a partnership with a multi-chain smart contract network known as Astar Network to launch a Web3 incubation program for initiatives that aim to use non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
The Web3 incubation program is scheduled to begin in the middle of March and end in the middle of June of this year.
According to a recent press release (1), Startale Labs, which has its headquarters in Singapore and was founded by Sota Watanabe, Chief Executive Officer of Astar Network, will manage the program.
The submission of applications for the program will commence on the 17th of February and continue through the 6th of March.
The applicants chosen to participate in the program will be split into groups of ten to fifteen people each, and representatives will lead the educational sessions from worldwide venture capital firms such as Dragonfly, Fenbushi Capital, and Alchemy Venture.
Applying blockchain technology to real-world problems will constitute the primary focus of the incubation program. It is tailored to take an in-depth look at how blockchain technology may be used to solve challenges in their sector.
In addition, Sony Network can make financial investments in the concepts being developed through the incubation program.
Aster Network Initiatives
Since the beginning of the year, Astar Network has been successfully drawing attention to itself by introducing several novel features. On the public test net Shibuya, the Cross-Vortical Machine feature of Astar Network was made available for the first time around a month ago.
The Ethereum Virtual Machine (EVM) and WebAssembly were examples of the types of smart contract ecosystems compatible with the projects that Astar Network had made it possible for developers to construct on its network at the time (WASM).
In November 2022, the network once more released Swanky, an all-in-one utility feature that allowed developers to write WebAssembly (WASM) smart contracts easily.
The incubation program is a component of Astar Network's ongoing association with businesses interested in investigating potential applications of Web3 technology.
Moreover, Astar Network was the first company to bring para chains to the Polkadot environment through a successful collaboration with the well-known automobile manufacturer Toyota on a Web3 hackathon.
Astar successfully secured approximately $22 Million in strategic finance from crypto venture capital firms like Polychain and Alameda Research. At that time, the corporation stated that the newly acquired funds would finance expansion into new geographic areas.
Polkadot is a framework for connecting multiple blockchains, and Astar Network is a parachain, sometimes known as a parallel chain, of Polkadot. Polkadot's primary relay chain does not support smart contracts, and developers of smart contracts are available for support through Astar.
Developers who create smart contracts or infrastructure using the Astar network can earn tokens for their efforts. The fact that Sony has begun to invest heavily in Web3 technology and will unveil a motion-tracking metaverse wearable known as Mocopi in November 2022 is the facet of the news that is still considered to be the most crucial.