In terms of blockchain adoption, Asia has certainly been leading the charge over the last few years, and this shows no signs of stopping. For example, Fumio Kishida, the Prime Minister of Japan, has said that various blockchain applications such as NFTs and DAOs could be beneficial for the country. This was said in a meeting of Japan’s House of Representatives on February 1, 2023. 

What NFTs Can do for Japan

Speaking to the house, Prime Minister Kishida said that blockchain has the potential to revitalize several aspects of Japan’s private and public sectors and promote what he calls ‘Cool Japan’. 

‘Cool Japan’ is concerned with showcasing Japan’s technological advancements to the rest of the world and the government believes that Web3 and blockchain tech can play a part in this. 

“If you consider DAOs, people who are interested in the same social issues can form a new community. NFTs can also be used to diversify the income of creators and maintain highly loyal fans,” Kashida says.

This is not the only instance of the Japanese government taking a pro-NFT stance as it just recently updated its NFT tax code and awarded NFTs to public servants for an outstanding performance last year.

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