The Statista Research Department surveyed Japanese citizens’ interest in financial products in September 2024. The results revealed that approximately 17% of respondents who expressed an interest in financial products showed some level of curiosity about non-fungible tokens (NFTs).
Between 2020 and 2023 alone, Japan’s NFT revenue grew by about $347 million, reaching $631.1 million. This figure is projected to hit $6 billion by 2030.
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Contributing Factors of Growing NFT Interest in Japan
Several key events have influenced Japan’s growing interest in non-fungible tokens (NFTs). A major contributor is the first physical NFT art exhibition tagged ‘crypTOKYO,’ held between June and July 2021. This event delved into the history of NFTs and set the pace for further interest among citizens.
Another key event was the launch of the NFT marketplace, Primes, in 2022. Primes provides a platform for local creators to sell, exchange, and trade their work as NFTs.
In 2023, the Japanese government implemented the Amendment Act, a digital fund-settling system. This act, by extension, encouraged the use of NFTs in the country.
The rising interest in NFT adoption and innovation in Japan has also led to the creation of new platforms like Venly and NFTPort, which offer comprehensive solutions for developers. These platforms streamline the building and integration of NFT applications, providing tools that help creators mint, market, and sell digital assets more efficiently.
Recent Developments in Japan
Unsurprisingly, the Japanese banking conglomerate SBI Group recently partnered with Solana Superteam Japan. This collaboration is expected to improve the use of Web3 and NFT in the country.
SBI and Solana developed a unique offer to celebrate the new year. The offer, which lasts till January 20, 2025, is the ‘gift’ of a Solana NFT to users of the SBI Web3 Wallet.
Metaplanet, a leading investment firm, has also announced plans to increase its Bitcoin holdings by about 470%, aiming to reach 10,000 BTC.
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