Japan to accelerate investments in non-fungible tokens and the metaverse
Japan to promote Web 3.0 as it ponders ways to spur economic growth
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Japanese Prime Minister Fumio Kishida has announced that the government will accelerate its investment in non-fungible tokens (NFTs) and the metaverse. This is part of the government’s digital transformation plans.
Kishida stated that expanding the use of Web 3.0 services that utilize metaverse and NFT innovations is part of the government’s digital transformation plans. The move comes as Japan looks to catch up with other countries, such as South Korea, which have already invested in these areas.
Last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues. Kishida has designated Web3 development as one of the pillars of economic reform. This focus on digital technologies is intended to help spur economic growth and create new jobs in Japan.
Japan to push forward with efforts to boost the use of Web 3.0
In March, the government-backed Japan External Trade Organization invested in U.S.-based metaverse startup Decentraland. Japan External Trade Organization also plans to invest in other startups developing applications for the metaverse.
The government is also considering establishing a Sandbox environment for companies to experiment with NFTs and other Web 3.0 technologies. This would allow companies to test out new business models without complying with the regulations that apply to traditional businesses.
Kishida stated that the government would continue to support the development of NFTs and the metaverse to create new opportunities for businesses and individuals. He also said that the government would work with the private sector to promote the use of these technologies.
The announcement comes as Japan is working on several initiatives to boost its digital economy. In March, the government unveiled a $12 billion plan to promote the development of artificial intelligence (AI) and other emerging technologies. The government is also working on a project to create a national ID system based on blockchain technology.
With this latest announcement, it appears that the Japanese government is committed to promoting the adoption of innovative technologies that have the potential to transform the economy. It remains to be seen how successful these efforts will be, but it is clear that the government is taking a proactive approach to investing in the future of the digital economy.
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