Japan to fund metaverse and NFT growth

Non-fungible tokens (NFT) and metaverse services are part of Japan’s ambitions to invest in digital transformation, according to Prime Minister Fumio Kishida in a policy speech made on October 3rd.

The nation has consistently encouraged investment in digital technology, particularly by offering tax breaks to businesses that embrace a digital future. Kishida stated in his speech to the Japanese parliament that the nation will continue to put its emphasis on “supporting the social deployment of digital technology” and “encourage efforts to extend the usage of Web3 services that leverage the metaverse and NFTs.”

Japan’s federal venture into Web3 continues a trend of officials making efforts to establish Web3-related services in the nation rather than taking the usual bureaucratic path that policies must frequently take. Recently, the government of Kishida established a Web3 policy office under the Ministry of Economy, Trade and Industry (METI), which is responsible for formulating regulations for the country’s progressive adoption of blockchain technology.

A task team established by Kishida’s Liberal Democratic Party and headed by lawmaker Akihisa Shiozaki published an “NFT White Paper” in April, referring to Web3 as “the next frontier of the digital economy” and outlining strategies for advancing the national Web3 strategy.

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NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.

We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.