Japan is making strides in the field of Web3 technology, thanks to the efforts of Masaaki Taira, the head of the ruling Liberal Democratic Party's Web 3.0 project team. The government and the prime minister, Fumio Kishida, have been vocal in their support of emerging technology as well as Web3, which is essentially the new internet based on decentralized blockchain technologies, metaverse and non-fungible tokens (NFTs).

In April, the government-affiliated white paper discussing the path to Web3 adoption, including cryptocurrencies, was released, resulting in much buzz in the country and abroad. Executives from global companies such as Microsoft, Amazon, Meta, and Apple also visited Japan soon after to discuss proposals. This was a stark contrast to the situation in the United States, which was mired in regulatory dilemmas and confusion surrounding Web3.

The strides taken in Japan have been largely because of the country's longstanding cultural advantages such as its anime, manga and gaming, which can be applied in the Web3 space, particularly NFTs and metaverse development. Although not without issues – such as the closure of Tokyo-based exchange Mt Gox in 2014 and the Coincheck hack in 2018 – Japan's cryptocurrencies exchanges are now considered to be some of the safest in the world, and it has also made gains in terms of stablecoins.

Masaaki Taira hopes to create a system that would allow young researchers and start-ups to access and utilize more resources under better conditions, and is willing to help iron out the tax issues that pose a challenge to development. The NexTech Week was the ideal platform to see if his efforts have borne fruit and help the audience understand the potential of Japan's Web3 technology developments. Also present in the event were Financie Inc. and Avispa Fukuoka Sports Innovation DAO, which are hoping to leverage the technology to introduce global fans to the city's soccer team in an effort to make Fukuoka a hub for startups and innovation.



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