Sony launches its own blockchain and dives into Web3
Sony launches its own blockchain and dives into Web3
Sony is working with Astar Network, which uses Polkadot, to create a blockchain platform that could become the backbone of the global Web3 infrastructure by combining the partners' expertise and capabilities.
Startale Labs, also prominent in the Web3 infrastructure, has joined the launch. The head of Startale Labs, Sota Watanabe, published in X details of the schedule of cooperation with Sony in the field of blockchain. According to this information, the product from Sony Network Communication Labs will be launched in the coming months.
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Startale Labs is an organization representing the Polkadot Parachain Astar network. It debuted last year as a smart contract platform for crypto applications using the ASTR token.
Sony Corporation subsidiary Sony Network Communications, which has a market valuation of $108 billion, and Startale Labs officially joined forces on September 12 to jointly develop a blockchain system. According to the companies' plans, the goal of the collaboration is to build a powerful influence in the Web3 field.
The companies held a global competition with over 200 projects, from which the top 19 designs were selected based on their interactions with Sony Network Communications and Astar Network.
Prospects for the collaboration include modernizing entertainment, supporting artwork and authors through Web3 and NFT technologies, and launching digital twin services. The companies have developed a timeline for launching a blockchain network, and the collaboration could lead to promising innovations.
To this end, Sony has made a cash investment of $3.5 million in Startale.
Read also: Elon Musk has sparked fresh interest in meme tokens.
