Despite the slump in the non-fungible token market, companies in Japan continue to show bullishness towards nascent technologies. Last week, Sony Bank launched the CONNECT app, a mobile application that lets customers buy, store, and trade NFTs.
Users can now purchase digital collectibles with crypto or credit card on Sony’s NFT marketplace, SNFT, which runs on the Polygon blockchain. Afterwards, they can display their NFTs on their phone’s homepage or create a gallery in the app.
The digital collectibles that will be available include intellectual property from Sony Playstation, Sony Pictures, and Sony Music. According to reports, despite a slight hiccup at launch, the number of app downloads has been climbing since it was released at the end of July.
This isn’t the only move in Web3 we’ve seen from Sony Bank, a subsidiary of Sony Group. Last month, the Japanese multinational electronics company announced that it had acquired the cryptocurrency exchange WhaleFin Japan and renamed it S.BLOX.
While Japan has been a tough environment for Web3 companies in the past, as its economy struggles, it appears that some are betting on Web3 to help bring it back. Recently, the island-nation has been easing its crypto regulations to encourage more domestic investment in Web3 companies and is considering removing a corporate tax on unrealized crypto gains.
Japan Wades Deeper Into Web3
Japan’s stringent crypto regulations have made it a difficult country for Web3 companies to do business. But lately, it appears the nation’s stance on Web3 is beginning to change. At Rarity Sniper, we’ve covered several articles over the last year that hint at Japan bullishness on Web3. Here are three of the top stories.
First, in June, a village in Japan launched the “Neo-Yamakoshi Project,” a Web3 fundraiser that generated $423,000 for the village. Holders of the NFTs have access to a metaverse and can participate in a DAO that governs community decision-making. The project is part of Prime Minister Fumio Kishida’s “Society 5.0” plan, which is geared towards integrating the physical world with cyberspace.
Next, in April, Animoca Brands Japan announced it was expanding opportunities for foreign Web3 projects in Japan. The first initiative was to make ‘De: Decentralized Cat’ (D:CC) available on Coincheck NFT, a Japanese NFT market. The NFTs can be used in Nine Chronicles, an RPG game owned by a South Korean company.
Finally, in February, Japan’s Ministry of Economy, Trade, and Industry approved legislation that will promote new businesses and investments in Web3 and crypto. The bill allows for Japanese limited partnership firms (LPs) to invest in startups and medium-sized companies with crypto in exchange for future profits. Previously, crypto investing was not allowed by Japanese Venture capital firms.
While the future of Japanese policy towards Web3 tech remains uncertain, its prime minister appears to be bullish on crypto and other nascent NFT technologies. The decision of Sony Bank to launch its own NFT app is more good news for the space.