The opportunity has now been opened for blockchain initiatives aimed at practical applications to flourish since the enormous hype wave surrounding Web3 and Metaverse projects has subsided. An ecosystem with less constant public inspection can produce valuable items without needless oversight.
Yet, a decline in VC and other sources of investment typically occurs at the same time as a sector experiencing reduced buzz. Particularly Web3 startups here confront two complex challenges: the extraordinary rebound in interest in generative AI following a dip in the entire industry and the general decline in tech VC funding. Therefore, can fledgling, perhaps revolutionary projects receive support and direction in such an ecosystem?
How Incubators Are Supporting Web3 Startups In Asia
Astar Network and Sony Network Communications have partnered to develop a Web3 incubation program. Astar Network is a multi-chain smart contract and dApp hub using Polkadot and the Ethereum Virtual Machine. The three-month program, which is ongoing until June 2023, supports initiatives creating Web3 use cases that concentrate on the usability of NFTs and DAOs in actual applications. The joint venture between Astar and Sony, focusing on interoperability, offers commercial advice from an industry titan, technical support, and consultancy from a blockchain pioneer.
In many industries, including those outside of technology, incubator programs are crucial for supporting budding talent and vivacious startups as they establish themselves. Incubators typically foster fresh ventures on multiple levels as opposed to simply investing money into an unfocused firm. Incubator programs can build the groundwork for long-term success in the digital industry, whether through mentoring, brand alliances, or access to tools and resources without financial support.
The Sony-backed incubation program continues a recent trend of big businesses reentering the blockchain field by working with a smart contract platform. But unlike the inflated wave of 2021, these initiatives are more grounded in real-world uses. By design, projects chosen for the incubator go through a careful screening procedure in order to receive the most tangible advantages and mentorship. Projects may also be taken into consideration for extra investment from Sony Communications Network once the incubator program is concluded.
Astar Expands High-Profile Collaborations
Astar gained early acclaim after launching its mainnet in 2022 thanks to support from key players in the market like Binance Labs, Crypto.com, Coinbase Ventures, and DFG. This venture capital investment company focuses on cutting-edge Web3 initiatives. Astar strongly emphasizes becoming the go-to blockchain network for the Japanese market as a Tokyo-based company. The company also launched the Astar Japan Lab, a blockchain R&D and collaboration service that has collaborated with over 100 businesses to date, including Amazon Web Services, Dentsu, SoftBank, and PWC
Because of its emphasis on interoperability and infrastructure development for long-term cross-chain growth, Astar, a parachain built on Polkadot, has solidified its position as one of the most well-liked parachains on the network. Via its Build2Earn community earning program, its ecosystem encourages builders to produce truly communicative products by supporting Web2 and Web3 development.
Astar also keeps up its strong collaboration with the Japanese government to advance the uptake and development of Web3, adding Sendai, Fukuoka, and Shibuya Special Ward to the Japan Lab.