In a speech at Japan’s National Diet on October 3, Prime Minister Fumio Kishida stated that the country’s plans for investing in digital transformation include non-fungible tokens (NFTs) and the metaverse.
In an effort to reinvigorate the Japanese economy, the Prime Minister has announced a number of initiatives to which the country would be committed. Among these are “efforts to expand the use of Web3 services that use metaverse and NFT.”
The nation has continuously supported investment in digital technology, providing tax incentives to businesses that embrace a digital future. This has the potential to create new jobs as well as innovative and efficient technological breakthroughs.
Several Japanese companies have already adopted Web3; consider the messaging app LINE and the online retail giant Rakuten, both of which have launched their own NFT marketplaces. Also, one of Japan’s leading banks, SMBC Group, recently announced a partnership with blockchain startup HashPort to explore NFT and Web3 initiatives.
The government’s readiness to invest in and embrace these new technologies will be advantageous to both the businesses that have already entered this market and those that will follow.