In recent times, Japan has embraced Web3 as a national strategy, leading to a surge in interest from traditional companies seeking to integrate their operations with this emerging technology. Jangdeok Ko, CEO of the NFT marketplace SBINFT, noted that while many companies are in the trial-and-error phase, they are actively exploring ways to incorporate Web3 into their business models.
SBINFT CEO lauds Japan’s promotion of its Web3 ecosystem
The Japanese government’s promotion of Web3 and its aspiration to become a global leader in the space have further fueled the adoption of this technology among traditional corporations. Ko highlighted that Japan is already ahead of many other countries in promoting Web3 initiatives.
However, despite the enthusiasm for Web3 adoption, the industry continues to grapple with issues such as piracy, which has been a persistent problem since 2020. Ko pointed out that the ease of minting NFTs has exacerbated the issue, although technological advancements have offered some mitigation, they have not completely solved the problem.
SBINFT, which was acquired by the Japanese financial services giant SBI in September 2021, focuses on NFT tickets, characters, and games. Ko explained that Japan boasts a plethora of globally popular characters from video games and anime. However, companies producing intellectual property (IP) in these sectors remain cautious about embracing the blockchain ecosystem.
Moreover, IP-producing companies are still searching for the optimal tokenomics based on cryptocurrencies and NFTs to succeed in the blockchain gaming market, which is poised to be the next-generation gaming market. Notably, major game companies like Square Enix, SEGA, and Bandai Namco Entertainment have become actively involved in exploring tokenomics.
Embracing innovation and addressing challenges
They have partnered with the OASYS chain, a game-specific blockchain from Japan, and are working on creating next-generation blockchain games enabled by tokenomics. This influx of major game makers into the blockchain gaming market has stimulated further market growth, attracting Japanese venture companies to enter the space, with many preparing for the OASYS ecosystem.
SBINFT is also collaborating with these companies to expand the market as a leading NFT marketplace in Japan, catering to a wide range of companies, from large corporations to venture startups. Discussing the issue of privacy, Ko highlighted the rampant piracy and fraudulent projects that have plagued the NFT sector since 2020. The proliferation of services allowing anyone to freely issue NFTs, regardless of IP rights, has created a marketplace fraught with piracy and fraudulent activities.
While there has been a recent decline in the distribution of pirated NFTs, the problem has not been completely eradicated, and technological solutions to prevent it remain elusive. In response to these challenges, SBINFT has taken a proactive approach by operating as a marketplace exclusively for authorized artists and projects since its launch in 2021.
By strictly vetting contributors and ensuring that only legitimate NFTs are listed on their platform, SBINFT aims to address issues related to the distribution of pirated NFTs and maintain the integrity of the marketplace. Overall, Japan’s embrace of Web3 as a national strategy has sparked significant interest and investment from traditional companies looking to integrate blockchain technology into their operations.
While challenges such as piracy persist, the collaboration between established companies and emerging startups, coupled with ongoing technological advancements, bodes well for the continued growth and innovation of the Web3 ecosystem in Japan.
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