On Feb. 1, the Astar network started the engines with their first-ever Web3 hackathon, and guess who’s joining the ride? None other than the automotive powerhouse, Toyota Motor Corporation!
It’s Toyota’s first Web3 event and they’re ready to hit the accelerator, looking to emerging technology to support their vision of improving the company’s operations, according to the official announcement.
The Move Made By Astar Foundation
And the fun doesn’t stop there! The Astar Foundation is putting up a $100,000 prize pool, with the winning projects chosen by none other than Toyota themselves. Participants will be working their magic on the Astar Network, a Japan-based layer-1 blockchain, hosted in the Polkadot-based metaverse COZMISE.
What’s Toyota Been Upto?
This isn’t Toyota’s first rodeo with crypto and the blockchain. In 2020, they teamed up with Japanese crypto exchange DeCurret to create a Toyota-branded digital token and even established a blockchain lab to explore the future of DLT.
This move has taken Astar (ASTR) token for a joyride! Prices zoomed up 10.5% and were trading at a cool $0.06. The token has been cruising high, gaining 53% in the past month, but still has a bit further to go to reach its all-time high. Toyota’s been dabbling in blockchain tech for a while now, with its group of subsidiaries investigating the many ways blockchain can rev up the auto industry.
It’s been a while since Toyota made a big move in the blockchain space, with other companies jumping into NFT projects, crypto payments, and metaverse integrations. But with Japan’s Web3 policy receiving a boost this year, with a Web3 policy office now existing under the Ministry of Economy, Trade and Industry, the timing couldn’t be better for Toyota to get back in the game.