Sony, one of the largest gaming companies in the world, has formed a new partnership. Moreover, this partnership led to the rise of a web3 coin project. Here are the details…
Astar Network and Sony partnered
Sony Network Communications, a business division of The Sony Group, has teamed up with multi-chain smart contract network Astar Network to launch a Web3 incubation program for projects focused on the use of non-fungiable tokens (NFTs) and decentralized autonomous organizations (DAOs). . According to a press release, the Web3 incubation program will be organized by Singapore-based Startale Labs, founded by Astar Network CEO Sota Watanabe, and will run from mid-March to mid-June this year. Applications for the program will start on 17 February and end on 6 March.
Those accepted into the program will be divided into groups of 10 to 15 and learning sessions will be provided by global venture capital firms such as Dragonfly, Fenbushi Capital and Alchemy Venture. The press release adds that the goal of the Sony Network Communications program is to “explore how blockchain technology can solve various problems in their industry.” Projects in the program may also be considered for investment by Sony Network Communications.
The incubation program is part of Astar Network’s ongoing partnerships with companies that want to explore use cases for Web3 technology. Last month, Astar Network, one of the first parachains to come to the Polkadot ecosystem, was at a Web3 hackathon. cryptocoin.com As we have also reported, the automotive giant worked with Toyota. More generally, Sony has also started embracing Web3 technology by announcing a wearable motion tracking metaverse project called Mocopi in November 2022.
The price of the Web3 coin project is rising
Astar Network is a dApp hub on Polkadot that supports layer 2 solutions like Ethereum, WebAssembly and ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. At the time of writing, ASTR has gained a good momentum with Sony news. The cryptocurrency, which is in the 91st place with a market value of 448 million dollars, has increased by 7.2 percent in the last 24 hours. The coin managed to rise from $0.87 to $0.1145 on a daily basis. However, it has pulled back slightly to the $0.1087 level at the time of writing.
The aim of Astr seems to be to attract developers who cannot log into Polkadot system to its ecosystem. Polkadot Relay Chain does not support smart contracts. For all developers who want to build on the Polkadot ecosystem, having a parachain that provides it is therefore important for the ecosystem. Primer aims to provide a solution for all developers by supporting EVM and creating a parachain where EVM and WASM smart contracts can coexist and communicate with each other.
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