2 weeks ago
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Japanese-based Sony Group (NASDAQ: SONY) has announced a global incubator for Web3 startups to support the mainstream acceptance of blockchain-based solutions.
Sony Block Solutions Labs, a partnership between Sony Network Communications Labs and Startale Labs, is leading the push. The joint venture aims to provide support for promising blockchain-based projects.
To achieve its ambitions, Sony confirmed the launch of the Soneium Minato public testnet to serve as a hub for startups to stress their DLT solutions. The test net will allow developers to experiment with new features and applications before a commercial rollout with the sandbox utilizing test tokens with no real-world value.
Alongside the testnet, Sony unveiled its global developer incubator program, Soneium Spark, designed to provide technical and financial support to Web3 projects. Apart from technical support, the news hints at providing legal and regulatory support for startups building with blockchain.
“While the testnet offers a robust environment for building and testing decentralized applications, Soneium Spark supercharges project growth through expert mentorship, cutting-edge infrastructure access, and strategic industry partnerships,” the company said.
However, Sony did not disclose the criteria for startups keen on participating in the incubator program, but it hints at focusing on gaming and entertainment. For now, its subsidiaries, Sony Music and Sony Pictures, will be part of the first cohort of firms in the incubator program.
The program is leaning on the Astar Network, Circle, Optimism, The Graph, and Alchemy for strategic support in the quest to take blockchain solutions mainstream.
“The current community of Web3 technology and services is limited to a few core users and there are numerous use cases that have yet to gain the traction to go mainstream with the general public,” Sony said. “The creation of killer use cases is eagerly awaited.”
Might not be smooth sailing all the way
While Sony has a streak of patents and solutions in the Web3 space, achieving mainstream acceptance will not be easy. Critics argue that the hype around digital currencies has taken the limelight out of blockchain solutions, leaving attention to real-world use cases behind.
Others say the widespread adoption of decentralized solutions will make it difficult for regulators to clamp down on bad actors. A series of rug pulls and security breaches has dented blockchain-based solutions, but optimists are rubbing their hands in glee at prospects.
Watch: Could BSV be the Microsoft of Web3?
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