In his speech to Japan’s parliament, Kishida said the country will continue to focus on “supporting the social implementation of digital technology” and will “promote efforts to expand the use of web3 services that utilize the metaverse and NFTs.”

Japan’s officials are taking strides to implement web3-related services in the country. Kishida’s administration recently established a web3 policy office under the Ministry of Economy, Trade, and Industry (METI), which is focused on creating policies for the country’s gradual blockchain expansion.

Animoca Brands Japan will use the new capital to secure licenses for popular intellectual properties, develop internal capabilities, and promote the adoption of web3 to multiple partners, increasing the value and utility of their branded content while fostering the development of a safe and secure NFT ecosystem in Japan.