Japan is Planning to Invest in the Metaverse and NFTs

Key Takeaways:

  • In a policy speech, Japan’s Prime Minister Fumio Kishida stated plans to increase investments in NFTs and the metaverse.
  • His remarks come in the wake of Japan’s expanding efforts to use blockchain technology.

Plans to sponsor initiatives including NFTs, the metaverse and Web 3.0 as a whole have been made public by Japan. Japan will reach its goal by cooperating with the United States and making investments in the program’s overall transformation of the technology industry, according to the nation’s prime minister, Fumio Kishida.

According to Kishida, the government will keep supporting projects that aim to increase the usage of Web3 services that are fueled by the Metaverse and NFT innovations in the community.

The Japanese government is already awarding NFTs to local authorities as a component of its ongoing digital transformation to recognize their efforts. Seven mayors were honored with NFT awards in September for their initiatives to help their cities take advantage of the digital economy.

The Hazama Base platform, which was formerly utilized by the Youth Bureau of the Japanese Liberal Democratic Party, was used to prepare and distribute the mayors’ proof-of-attendance (POAP) NFTs.

The NFT awards are not assignable and cannot be exchanged for cash on a secondary market.

At the “Summer Digi Denkoshien 2022” ceremony in September, the Japanese government presented NFTs to seven local mayors who had used digital technology to address local problems.

A Web3 Policy Promotion Office was established in July by the Kishida administration and the Government of Economy, Trade, and Industry (METI) to unite Web3-related ministry divisions. To create Web3-related projects, the team gathers data from companies from all societal sectors and includes pertinent ministries and authorities.

The Japanese prime minister has been quoted as saying that Web 3.0-based products would help the nation’s economy, thus demonstrating his awareness of the possibilities of the internet’s upcoming evolution.

In April, Kishida’s Liberal Democratic Party released an “NFT White Paper” outlining Japan’s Web3 strategy.

It acknowledged the significance of the richness of intellectual property that Japan possesses, including gaming and animation, and the possibility for its IPs to drive the global NFT and Web3 economy.

In addition, it advanced a national strategy for the Web3 age and contained policy proposals for user protection.

In addition to bolstering its economy, Japan is investing in blockchain technology to give its people access to data held on dispersed virtual platforms. Over 900 billion USD worth of transactions were performed by local cryptocurrency exchanges in the previous year.

To stop criminals from using crypto exchanges as a method of money laundering, the Japanese government recently announced new laws for remittances.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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