When was the last time you read about an NFT project that was entirely Japanese? How many important players in the field of Japanese NFT artists can you name?
There is the 9-year-old Zombie Zookeeper, of course. NFTs, though, haven't exactly been well received in Japan. And to be honest, this is somewhat unexpected.
To start, there will soon be an NFT collection based on the Hello Kitty series, and some well-known Japanese game developers have already entered the market. As an illustration, consider Square Enix's upcoming NFT for the enduringly popular dieselpunk classic Final Fantasy VII. Even still, the response to these well-known figures has been quite muted.
Apart from Axie Infinity's widespread appeal, Japan hasn't shown much interest in NFT projects. But that could soon change, at least in the banking industry.
Sumitomo Mitsui Banking Corporation (SMBC), a Japanese banking organization, recently declared that it is trying to provide a variety of NFT and cryptocurrency-related services to its millions of consumers in Japan. initial steps? advancing Web3 by itself.
Hashport is helping SMBC take its initial steps into Web3. Hashport bills itself as a "public utility that facilitates the movement of digital assets between networks in a speedy, safe, and efficient manner" on the company website. Hashport offers a variety of tokenization options as well as listing services, all of which will be extensively utilized in the SMBC and Hashport business token lab that will be opening soon.
Ultimately, SMBC wants to use this lab to advocate for both cryptocurrencies and NFTs in Japan, poll a large portion of its customer base, conduct research, and more. Notably, SMBC is hoping that the research and information gained by its business token lab, together with its local efforts to promote decentralized finance, may one day allow it to launch its very own token firm.
Additionally, SMBC stated that it is interested in eventually offering Web3 consulting services to its clients. The business also mentions that it will eventually give its clients NFTs. It is yet unclear exactly what kind of NFTs these might be.
Given Japan's dominance in the arts, entertainment, and video game sectors, a larger adoption and acceptance of Web3 among Japanese consumers and businesses could be advantageous for the entire world.
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