Innovative Initiative Launched by METI to Promote Digital Public Goods in Japan
In a move to advance Japan’s digital agenda, the Ministry of Economy, Trade and Industry (METI) has introduced a groundbreaking initiative aimed at enhancing the adoption of digital public goods among businesses and consumers.
Known as the “Demonstration Project for Building Digital Public Goods Using Web 3.0 and Blockchain,” this initiative seeks to explore new and practical applications of blockchain technology in Japan. Collaborating with industry leaders such as PwC, Rakuten, and NTT Digital, METI is leading the way in these pilot studies.
The project will focus on four key themes that cover various sectors of the national economy. One of the highlights includes the creation of marketplaces for tokenizing real-world assets, with NTT Digital and Leaf taking the lead in developing innovative solutions.
A notable aspect of the project is the establishment of an RWA marketplace for Leaf’s Sake World, enabling consumers to purchase Japanese alcoholic beverages while owning unique digital collectibles in the form of NFTs.
Rakuten will be responsible for developing an image rights management platform using smart contracts, while PwC will drive Web3-based intellectual property protection initiatives. Additionally, the Hiroshima Web3 Association will spearhead efforts to promote “regional revitalization” through governance tokens on distributed ledgers.
While METI had to revise its initial plans for an information-sharing platform due to budget constraints, the remaining projects under the initiative received substantial grants to support their development, with the RWA marketplaces securing $307,000 in funding.
This strategic move by METI aligns with Japan’s vision to integrate physical and digital realms, facilitating widespread adoption of cutting-edge technologies. The project is also expected to inform policymakers in drafting robust regulations for blockchain and digital assets, akin to the EU’s Horizon 2020 grants.
Japan’s Embrace of Web3 Technology
Japan has been at the forefront of integrating Web3 technology across various sectors, with government entities leveraging NFTs to incentivize high-performing officials. Prime Minister Fumio Kishida has emphasized Web3 as a fundamental component of “new capitalism,” leading to the establishment of a dedicated Web 3.0 Policy Office in 2022.
In a recent development, the village of Yamakoshi utilized NFTs to address demographic challenges, raising substantial funds for community projects and showcasing the potential of this innovative approach.
“If successful, this strategy could revolutionize fundraising in rural Japan, potentially raising billions while showcasing innovative social technologies with global appeal,” commented Yuri Group.
Stay tuned for more updates on the evolution of Web3 technology.