Sony Network Communications, a famous Japanese technology and entertainment company subsidiary, invested $3.5 million in Startale Labs through a private share issuance.
The Web3 startup plans to use the investment to build the required infrastructure for the global adoption of Web3 technology. Both companies will collaborate to identify and explore investment opportunities. Their partnership aims to expand the widespread acceptance of Web3 technology.
Before this partnership, the two companies had a history of collaboration on a previous project. They joined forces with Astar Network, a smart contract platform built on Japan’s Polkadot Network, earlier this year.
The two entities organized a Web3 Incubation Program. This program provides support to Web3 projects. It aims to enhance the capabilities of NFTs and decentralized autonomous organizations.
Startale Labs will use some of the funds to hire new talent to speed up the development of Web3 products and services. The company wants to ease the adoption of blockchain technology among users and businesses in Japan to realize “Web3 for Billions.”
In line with this news, Jun Watanabe, the president and representative director of Sony Network Communications, has joined Startale Labs as a director. According to Jun, the collaboration between Startale Labs and Sony Network Communications holds great potential.
“We believe this partnership will contribute to the creation of new killer Web3 use cases and deliver unprecedented levels of value.”
Jun Watanabe, Sony Network Communications president
Sota Watanabe, CEO of Startale Labs, shared his thoughts on the announcement. He emphasized the significant potential that Sony Group brings to the Web3 space.
Sota also emphasized Sony Group’s extensive intellectual property. He acknowledged that Sony Group’s expertise in areas connected to the creator economy is a valuable asset.
He added that the company is excited about two things. The first is working with Sony Network Communications to develop worldwide Web3 infrastructure. The second is creating innovative use cases that push the boundaries of the Web3 space.
Speaking to Cointelegraph, Sota said the partnership with Sony offers valuable opportunities to enable a fledgling Web3 startup like his company to gain knowledge and leverage various resources.
Sota explained that grasping blockchain technology stacks is important for developers and users. This factor is especially crucial when engaging with Web3 to ensure seamless experiences for the general public. He also highlighted the importance of a tool that enables people with limited Web3 knowledge to interact with the space.
Sony Network Communications is a provider of high-speed fiber optic internet services. While its focus lies in this domain, other sectors and divisions within the broader Sony conglomerate have ventured into many Web3 endeavors, including NFTs.
In March 2023, Sony Interactive Entertainment filed a patent to enable users to transfer and use NFTs across various gaming platforms. Players can transfer their in-game items and assets with this patent across devices. These devices include virtual reality headsets, tablets, computers and smartphones.
The application also mentioned the potential for cross-generational use of NFTs, allowing transfers between platforms like PS4 and PS5. It also delved into the functionality of NFTs about achievements and tournaments. In certain embodiments, the patent application specified that these tasks could involve winning an eSports tournament.
The initial user entity would use the corresponding digital asset, accessible through the NFT, across many computer simulations. Sony said in the patent that the framework aimed to achieve interoperability within the Sony ecosystem and with external products like the Xbox or a “cloud-based video game” platform.
The patent also described a feature that prevents gamers from repeating tasks to earn the same NFTs through different products or games. Another way to enforce this is by declining to provide more NFTs for subsequent task performances.
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