Japan Plans to Promote Web3 Services That Utilise Metaverse and NFT

Japan’s Prime Minister Fumio Kishida outlined the country’s investment plans for digital transformation in a speech on Monday.
Image source: JapanGov

Quick take:

  • Japan will accelerate public-private investment, focusing on the fields of science and technology/innovation, among others.
  • Japan’s digital transformation plans include the metaverse and NFT services.
  • The Japanese government is already issuing NFTs to local authorities to reward their work.

Japan’s Prime Minister Fumio Kishida said in a speech on Monday that the country will expand the use of Web3 services that utilise metaverse and NFT

During the speech, Kishida outlined Japan’s digital transformation plans, which include accelerating public-private investment focusing on the fields of science and technology/innovation, among other sectors.

As part of its ongoing digital transformation, the Japanese government is already issuing NFTs to local authorities to reward their work. In September, seven mayors received NFT awards recognising their digital economy-related ideas for their cities. 

The mayors’ proof-of-attendance (POAP) NFTs were issued via Hazama Base, the platform that Japan’s Liberal Democratic Party Youth Bureau previously used to generate and distribute NFTs. The NFT awards are non-transferable and cannot be sold on the secondary market.

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

The Web3 policy promotion office will strengthen the system for examining business environment issues related to Web 3.0 based on blockchain, in cooperation with related ministries and agencies such as the Digital Agency.

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

Kishida’s crypto-friendly outlook has spurred investments and crypto-related movements in the Japanese Web3 market over the last year. Notable ones include Japanese blockchain gaming startup Double Jump, which recently raised $24 million in funding. Animoca Brands Japan, a strategic subsidiary of Animoca Brands, 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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