Japanese Prime Minister Fumio Kishida underlined his country's aspirations to engage in Metaverse

Fumio Kishida, the Prime Minister of Japan, said in a speech on Monday that the government would increase its use of Web3 services that make use of metaverse and NFT.

We also recommend reading up on the newest developments about the creation of NFTs by the Japanese Post, which have artwork resembling post stamps.

In his address, Kishida detailed Japan's strategies for undergoing a digital revolution, many of which include increasing public and private investment in STEM subjects.

Local governments in Japan are already being rewarded with NFTs as part of the national effort to digitize the government. Seven mayors from across the world were honored in September with NFT awards for their contributions to their communities' digital economies.

Hazama Base, a platform formerly utilized by Japan's Liberal Democratic Party Youth Bureau to manufacture and distribute NFTs, was used to award proof-of-attendance (POAP) NFTs to the mayors. The NFT awards are not tradable on the secondary market and are not transferable. With Kishida at the helm since October 2021, Japan has been making strides to expand its presence in the Web3 industry. Web3 business issues including finance, taxes, commercial entities (vehicles), content, sports, fashion, and art will be handled by a new agency inside the Ministry of Economy, Trade, and Industry (METI). 

In coordination with relevant ministries and agencies including the Digital Agency, the Web3 policy promotion office will improve the framework for assessing Web 3.0 based on blockchain-related business environment challenges. With lawmaker Akihisa Shiozaki at the helm, Kishida's April task group released the "NFT White Paper," declaring Web3 the "new frontier of the digital economy" and outlining steps to further Japan's Web3 strategy.

Because of Kishida's optimistic view on cryptocurrencies, the Japanese Web3 industry has seen a rise in investment and associated activity over the last year. Double Jump, a blockchain gaming business based in Japan, has just raised $24 million. The parent firm and the biggest bank in Japan contributed $45 million to Animoca Brands Japan, a key subsidiary. Nomura, a major Japanese investment bank, established a cryptocurrency-focused venture capital arm called Laser Venture Capital in September.

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