Sony Network Communications and Japanese Web3 company Startale Labs revealed a new business collaboration and a solid investment in developing a global infrastructure to support Web3 adoption
On June 28, Sony Network Communications, a wholly owned subsidiary of Sony, revealed a new business collaboration with Japanese Web3 infrastructure tech company Startale Labs. The company has also made a $3.5 million investment to build a solid foundation for the mass adoption of Web3.
The investment was secured in seed funding through a private placement of new shares. Besides the funding, Jun Watanabe, President and Representative Director of Sony Network Communications Inc., becomes a director of Startale Labs as a result of the partnership.
The new collaboration aims to push Startale’s development of Web3 services, dApps and products, such as the Astar smart contract platform, featuring an innovative Build2Earn program that simultaneously rewards participants and builders. The mission of the Web3 startup is to create all-in-one solutions for Web3 development and bridge real-world assets with the Web3 ecosystem.
Besides, the partners will jointly work on establishing the infrastructure necessary to support the global adoption of Web3, whereas Startale Labs project initiatives will be enhanced by Sony Network Communications’ extensive knowledge and experience in telecommunications and other sectors.
Although Sony Network Communications’ main business is a fiber optic internet service, other domains and branches of Sony have been earlier involved in Web3 initiatives, including nonfungible tokens (NFTs). Thus, in March, Sony Interactive Entertainment, the creator of PlayStation, filed a patent to enable users to transfer and use NFTs across multiple gaming platforms.