Japan “creates conditions” for Metaverse and NFT to develop

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2022-10-06 21:44:46

In his speech on Monday (October 3), Japanese Prime Minister Fumio Kishida outlined the country’s investment plans for digital transformation.

Prime Minister Fumio Kishida

Japanese Prime Minister Fumio Kishida said in a speech Monday that the country will expand the use of Web3 services using the metaverse and NFT.

During his speech, Prime Minister Kishida outlined Japan’s digital transformation plans, including accelerating public-private investment, focusing on science and technology/innovation fields.

As part of the ongoing digital transformation, the Japanese government has dedicated NFTs to local governments to reward their work. In September, seven mayors received NFT awards in recognition of digital economy-related ideas for the city.

The mayor’s proof of attendance (POAP) NFTs are issued through Hazama Base, the platform that Japan’s Liberal Democratic Party Youth Office previously used to create and distribute NFTs. NFT Prizes are non-transferable and cannot be sold on the secondary market.

Japan promotes development of Metaverse
Japan promotes development of Metaverse

Since Kishida took office in October 2021, Japan has been taking steps to strengthen its efforts in the Web3 market. The Ministry of Economy, Trade and Industry (METI) recently established the Web3 policy promotion office, which will be responsible for business-related concerns such as funding, taxes, and practices. business (vehicles), content, sports, fashion and art in Web3.

The Web3 Policy Promotion Office will strengthen the blockchain-based Web 3.0-related business environment examination system, in cooperation with relevant ministries and agencies such as the Digital Authority.

In April, Kishida launched a task force – led by politician Akihisa Shiozaki – that published the “NFT White Paper” which states that Web3 is the “new frontier of the digital economy” and outlines a plan to promote Japan’s Web3 strategy.

The Japanese leader’s crypto-friendly outlook has fueled cryptocurrency-related investments and movements on the Web3 market in the country in 2021. Notable figures include the public Japanese blockchain game startup Double Jump, recently raised $24 million in funding. Animoca Brands Japan, a strategic subsidiary of Animoca Brands, has raised $45 million from its parent company and Japan’s largest bank MUFG.

In September, Japanese investment banking giant, Nomura, launched its crypto VC unit, Laser Venture Capital, focusing on digital assets.

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