Japanese Government To Invest In Metaverse, NFT Expansion

Japan’s Prime Minister Fumio Kishida said in a policy speech to the country’s parliament on Tuesday that plans to increase investments in the country’s digital transformation will include the metaverse and NFTs.

Kishida said that Japan will continue to “focus on supporting the social implementation of digital technology,” as well as “promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs.”

His administration has been actively making steps towards incorporating Web3 into its processes even before this announcement. In April, Kishida’s Liberal Democratic Party, through a task force led by MP Akihisa Shiozaki, released an NFT white paper that outlined the plans for Japan’s NFT strategy and called Web3 “the new frontier of the digital economy.” 

And then in July, Kishida’s administration and the Ministry of Economy, Trade, and Industry (METI) established the Web3 Policy Promotion Office. The team is tasked to gather data from businesses across industries to develop Web3-related projects supported by relevant ministries and agencies.

In September at the ‘Summer Digi Denkoshien 2022,’ they recognized local authorities who used digital technology to solve local challenges by rewarding them with NFTs.

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