While Meta has grand plans for the metaverse, few groups are as well positioned as Sony to make their mark in the metaverse. It owns Sony Pictures (formerly Columbia Pictures), Sony Music, Sony PlayStation, Sony Bank and more. Last week Sony announced it’s forming a joint venture with web3 startup Startale Labs to build its own blockchain, where it plans to leverage its properties in the metaverse.
Sony’s global ambitions are clear. It said its blockchain “can become the backbone of global web3 infrastructure”. It doesn’t just talk about web3 and the metaverse but about “creating the foundation for digital societies”.
In June, Sony Network Communications invested $3.5 million in Japanese blockchain firm Startale Labs. The startup’s CEO also founded the Astar Network, a multichain smart contract platform, which is one of the Polkadot blockchain’s parachains.
At the time, Sota Watanabe, CEO of Startale Labs outlined the ambition. “I believe that the Sony Group is one of the companies with the greatest potential for Web3 in the world. In order to create Web3 killer use cases, we would like to develop a global infrastructure that supports the Web3 era in collaboration with Sony Network Communications Inc.”
The joint venture, Sony Network Communications Labs, is in the process of setting up in Singapore, with Sony owning 90% of the equity.
The Japanese owner, Sony Network Communications, is the technology service provider for the group.
“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,” said Jun Watanabe, President of Sony Network Communications.