Japan uses NFT and the metaverse

News hardware Japan uses NFT and the metaverse

It is not just the industry that grasps the new concepts of web3. Several countries are also competing in the metaverse and NFTs. This country, very prone to digital technologies, intends to make it its new workhorse.

As the government of Japan gasped over web3-related issues within its country, Japan’s Prime Minister, Fumio Kishida, has finally paved the way forward.

In a speech given on October 5, the politician specifically announced plans to integrate the metaverse and NFTs into the customs of the inhabitants. To do this, the government is investing heavily in this digital transition.

To become a reference, the territory encourages companies to establish their headquarters in Japan, giving them the right to non-negligible tax advantages.

In a monologue, Fumio Kishida explained that the government “will support the social implementation of digital technology”. He added that the Japanese state “will promote efforts to expand the use of metaverse and NFT-based Web3 services.”

Thus, the path seems clear …

Concrete measures in favor of the web 3

Instead of harshly legislating on the use of these technologies as many countries do, Japan prefers to take another route. In addition to speculation on this multi-billion dollar market, the country rather wants to use digital innovations so that they are useful to the state in the near future. This manifests itself in concrete actions …

Namely, the Kishida government recently opened a Web3 political office. This will be under the control of the Ministry of Economy, Trade and Industry, which gives a taste of the web3 project in Japan.

For example, the government has already issued NFTs on the Ethereum blockchain. The latter distributes them as compensation to local authorities that use digital technology to respond to the problems of local inhabitants. These non-transferable NFTs are a kind of prestigious digital distinction.

In addition to NFTs and the metaverse, the office will provide answers to Japanese companies and users of the blockchain, and in particular on the various cryptographic tokens. Indeed, the administration will be a direct communication point with the government regarding the tax exemption related to crypto assets. According to the government, the web3 must be treated as a new sector, so this type of action could favor the development of technologies within the Japanese territory.

This trajectory is very different from that of other countries, such as France. In fact, with future Mica regulations, the French government wants to regulate the cryptocurrency sector more firmly. Coercive measures that generally do not please the fans of the sector. Many believe that activities related to the web3 constitute a real opportunity that cannot be seized in the face of excessively restrictive regulations.

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