Japan Announces Plans For NFT and Metaverse Expansion

Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse. Kishida, who assumed his position in 2021, has designated Web3 development as one of the pillars of economic reform. Japan’s Ministry of Economy, Trade, and Industry formed a “Web 3.0 Policy Promotion Office” to refine the system by examining the business environment for blockchain-based firms.