TechDogs-"Will Sony’s New Joint Venture Become The Backbone Of Global Web3 Infrastructure?"

Emerging Technology

Will Sony’s New Joint Venture Become The Backbone Of Global Web3 Infrastructure?

By TD NewsDesk

TD NewsDesk

Updated on Mon, Sep 18, 2023

Overall Rating
In this ever-evolving world of technology, sometimes you come across ideas that can revolutionize entire industries, simply by shaking up the basics. One such revolutionary idea is Web 3.0 or Web3.

What is it? Simply put, it’s the third generation of the World Wide Web, which is based on a decentralized and open-source internet form. If you’re looking to learn all that’s important with it, read our extensive and comprehensive guide.

The last few years have seen major breakthroughs aimed at pushing the adoption of this phenomenon. In fact, numerous businesses are looking to push Web3, with some even dedicated to helping others learn and grow in the sector (read more)!

Now, another major player has entered the arena, one you’ve certainly heard of – Sony Group Corporation.

What is this giant doing? Let’s explore:

What Is Sony Bringing To The Web3 Arena?

  • Sony Group Corporation, through its subsidiary Sony Network Communications, announced it entered into a joint venture agreement with Startale Labs, a Web3 development company.

  • The joint venture will be called Sony Network Communications Labs Pte. Ltd. According to the announcement, the startup capital will be SGD 1,000,000 (Singapore Dollars) or roughly $733,000. Sony will own 90% of the company, while Startale Labs will own 10%.

  • According to its website, Startale Labs is “a company that makes web3 infrastructure and public goods.” The company is behind projects such as Astar (Japan's first public blockchain) and Swanky (an all-in-one tool for WASM smart contract developers).

  • The aim is to develop a blockchain that can “become the backbone of global Web3 infrastructure.” This will be done “by combining their expertise, skillset, and network of partners.”

  • The joint venture will provide value-added services for companies of the Sony Group, which spans industries like gaming and network services, music, pictures, entertainment technology and services, imaging and sensing solutions, and financial services.

  • An excerpt from the press release reads, “As blockchain technology continues advancing, the teams will harness it to its fullest potential and focus on creating killer web3 use cases to drive the adoption of web3.”


What Was Said About The Joint Venture?

  • Speaking on the joint venture and its future, Jun Watanabe, President of Sony Network Communications, said, “By combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.”

  • Sota Watanabe, CEO of Startale Labs, believes the partnership will enable the new company to use Sony’s resources to enhance its Web3 initiative, saying, “This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern Web3 trends and drive them globally.”


What Were Sony’s Previous Blockchain Initiatives?

  • This isn’t the first initiative Sony Network Communications has in the blockchain industry.

  • The company launched a non-fungible token (NFT) and a Decentralized Autonomous Organizations (DAO) incubation program in partnership with Astar Network and Startale Labs. This would include funding for 10 to 15 projects which were using these tools.

  • As per reports, a joint incubation program launched with the Astar Network in May 2023 saw funding for 19 different crypto projects.

  • Sony also entered the Web3 and metaverse markets, with plans to enhance its metaverse approach.

With the entry of industry giant Sony into the Web3 arena, do you think other industry leaders will follow suit with similar investments? Will similar partnerships emerge to take advantage of Web3 technologies?

Let us know in the comments below!

First published on Mon, Sep 18, 2023

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Emerging Technology Web3 Web 3.0 Sony Sony Group Sony Networks Communication Startale

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