- A decade after the MtGox debacle, Japan emerges as a leader in sensible crypto regulations, with a society open to innovative technology, and corporations actively engaged in blockchain exploration.
- Japan’s Web3 arena teems with innovation, including the use of NFTs to battle depopulation, messenger services and e-commerce platforms operating NFT marketplaces, and a significant investment by a leading mobile carrier in Web3 infrastructure.
Japan’s renaissance in the blockchain sphere is nothing short of a phoenix’s rise from the ashes. The country, having learned from the MtGox debacle that rocked the crypto-world in 2011, is now setting the stage for its promising journey into Web3, a third generation of the internet that utilizes blockchain technology and cryptocurrencies.
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Japan is leading the charge, becoming a major hub for web3 development, w/ a population open to new tech & major corporations actively exploring the space.
Businesses are going on-chain using @0xPolygon to enter web3 ⛓https://t.co/wUSIgl2zDZ pic.twitter.com/Oh9vEGRPqC
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The governing party’s whitepaper in April set the tone for the nation’s new direction, reemphasizing its commitment to fostering a healthy ecosystem for Web3 development. What makes Japan’s transition noteworthy is the population’s readiness to embrace this technological shift and the corporate sector’s enthusiasm to explore the limitless potentials of the blockchain.
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According to the Japan Virtual and Crypto assets Exchanges Association, the country’s centralized exchanges clocked a trading volume exceeding $14 billion in March, reflecting nearly 4 million active accounts. Furthermore, there is an evident diversity in the use of blockchain technology across various sectors in Japan.
One fascinating instance is a small town in central Japan using Non-Fungible Tokens (NFTs) as a countermeasure to depopulation by attracting digital residents. The country’s most significant messenger service and its largest domestically originated e-commerce platform both run NFT marketplaces, demonstrating the widespread adoption of this unique form of digital asset.
Leading the charge in Web3 infrastructure investment is Japan’s top mobile carrier, KDDI. It recently launched αU, a Web3 service and metaverse catering to users who navigate seamlessly between the real and virtual worlds. Digital replicas of Shibuya and Osaka offer users the opportunity to interact using avatars, enjoy live events, and purchase digital artworks, all powered by the Polygon network.
The entertainment sector is not far behind in the Web3 race. The popular comic book series, “Captain Tsubasa,” made its Web3 debut with a blockchain-based game, and gaming giant Square Enix positioned blockchain entertainment at the heart of its new business development with the launch of its first NFT collectible art project, Symbiogenesis.
Other innovative applications include the Chiba Institute of Technology issuing academic certificates as soulbound NFTs and a token-gated tempura shop allowing NFT holders to customize their servings of the traditional dish.
Such dynamic utilization of Web3 paints a vibrant picture of Japan’s blockchain landscape, indicating its definitive stance as a significant hub for Web3 development. This shift is certain to be closely watched by those interested in the blockchain and cryptocurrency space.
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