The adoption of Web3 technology has ushered in a new era of the Internet – driven by blockchain, NFTs, and cryptocurrency. It has the potential to disrupt everything we know about the internet, including who controls it.
Recognizing this paradigm shift, Sony’s wholly owned subsidiary – Sony Network Communications – has plowed a whopping $3.5 million into Singapore Web3 tech giant, Startale Labs, with the aim of building a global infrastructure to expand Web3 adoption, according to an official statement.
In a blog post, Startale Labs announced its plans to work along with Sony Network Communications to build necessary infrastructure to advance the global adoption of Web3, leveraging Sony’s “extensive knowledge and experience” in telecommunications and other sectors.
The deep pockets of Sony will also help Startale Labs increase its headcount from 15 to 30, further contribute to Astar Network, Polkadot, and even take on new projects for Ethereum.
“With this capital partnership, we are merging Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business fields cultivated by Sony Network Communications to create the infrastructure necessary to facilitate global Web3 adoption. We believe this partnership will contribute to the creation of new killer Web3 use cases and deliver unprecedented levels of value,” said Jun Watanabe, President, and Representative Director of Sony Network Communications Inc.
The move is in line with Startale Labs’ goal of building “Web3 for Billions,” which it seeks to fulfill by facilitating users and businesses in Japan to embrace blockchain technology, the Web3 startup said in an official statement.
Sony’s decision to invest directly in Startale Labs, without tapping into other investors, exemplifies its confidence in the potential of Web3 infrastructure. The joint venture also underscores a shift in focus from Silicon Valley to the Asia and Pacific markets, primarily due to the increasing regulatory uncertainties in the US.
Startale Labs CEO Sota Watanabe voiced concerns about the commitment of the United States government to augment the progress of digital technology, pointing out that the Asia region is much more likely to create regulations that will align with Sony’s and Startale’s mission. “The US government is hesitant to make crypto usable. Regulation is getting tighter and tighter. China, Singapore, Japan and Korea think this is an opportunity,” Watanabe said.
With this joint venture with Startale Labs, Japanese tech and entertainment giant Sony has further solidified its foothold in the Web3 segment. Earlier this year, the company co-hosted a Web3 Incubation program, in partnership with Polkadot’s innovation hub – Astar Network. In March this year, Sony Interactive Entertainment also filed for a patent for an NFT.