Earlier this week, it was announced that the Japan Post had released a line of stamp artwork as NFTs. This was significant because the initiative was backed by a federal body of a major country and signalled that Japan as a nation was investing more in blockchain assets. 

Now, Fumio Kishida, the prime minister of Japan, has confirmed that the country will be investing more in web3, including NFTs. 

This remark was made on October 3, 2022, when Kishida made a speech referencing Japan’s digital transformation plans. As he explained, this plan thus far has involved distributing NFTs to local governments to help them address their individual issues. 

Moving forward, the government will be exploring even more use cases for digital assets. These could potentially involve the issuing of identity cards and the promotion of web3 services that will leverage the metaverse and NFTs.

Given the efforts that have been made in Japan to promote NFT use on a governmental level, including NFT awards given to local governments and the new collection by the Japan Post, these applications should come in the near future. With that, Japan could be on its way to becoming the next big web3 hub.

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