Sony new venture to forge ‘backbone of global Web3 infrastructure’

Sony Network Communications (NASDAQ: SONY) has revealed ambitious plans to launch a public blockchain, which it says could become the “backbone of global Web3 infrastructure.”

Startale Labs has successfully secured $3.5m in seed funding from @sonynetworkcom

To realize the mission of "Web3 for Billions", Startale will continue its journey to becoming a global leading web3 company. https://t.co/0EcMhz7e0x

— Startale (@StartaleHQ) July 3, 2023

Sony confirmed that the project will be in the form of a joint venture agreement with Startale Labs, makers of the Astar Network. Sony stated that it will own 90% of the project, with Startale Labs owning 10%.

“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,” read the statement.

Sony expressed optimism that its new blockchain could surpass Coinbase‘s (NASDAQ: COIN) Base in functionality and daily active users. Sony says it will leverage its extensive experience in gaming, music, imaging and sensing, financial services, and network solutions to provide an innovative solution for Web3 users.

Sony stated on its website that its new Web3 network will connect “souls across generations” and “contribute to creating the foundation for digital societies to flourish.” Despite the optimism around the project, technical details still need to be more sparse as pundits mull over the proposed use cases and network functionality.

The company also points to Startale Labs’ previous successful forays in blockchain technology as proof of the project’s future success.

“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.”

Our path to Supernova has seen us achieve many milestones from Astar 1.0 🔥 Since inception, we have:

1️⃣ Became the leading chain on @Polkadot

2️⃣ Enabled multi-virtual machine, EVM, ink! smart contracts

3️⃣ Rewarded builders with our unique dApp Staking mechanism

4️⃣ Unlocked… pic.twitter.com/qyx12mcRA8

— Astar Network (@AstarNetwork) September 8, 2023

Sony and Startale Labs launched a joint incubation program back in May, funding and providing technical support to nearly 20 Web3 projects. Since 2021, Sony has filed Web3 patents focusing on non-fungible tokens (NFTs), the metaverse, and decentralized applications (DApps).

Changing the narrative via NFTs

As the rest of the world makes the pivot to blockchain technology, BSV blockchain-based RAD NFTV is leaning on NFTs to restore digital ownership to Hollywood creators. Apart from ownership using NFTs, Rad believes that smart contracts hold the promise of transparency and efficiency in financial audits.

RAD NFTV executive Tony Mugavero stated that creators can be compensated “in real-time” without the hassles of relying on middlemen or third parties for their royalties.

According to Mugavero, given the instantaneous nature of a smart contract-based financial audit, individuals do not need to wait for years to access their benefits.

Watch: Web3 is natural progression of technology