Japan Invests in NFTs and Metaverse

Japan’s Prime Minister Fumio Kishida announced that his country will invest more and more capital in its digital transformation, putting emphasis in NFTs and metaverse.

The investments are not only direct subsidies for new works but also tax incentives for companies that want to develop new digital products for the social good, as it already happens with crypto exchanges that keep operations and personnel in Japan.

In the regulatory space, Japan has made a policy office in the Ministry of Economics, responsible for Web 3.0, aiming to create policies for gradual transition towards blockchain infrastructure.

In April 2022, the “NFT White Paper” was released, describing the new technology frontier, which is Web 3.0 and how it would be used from the central government.