#91 | Japan's Sports Industry Embracing NFTs

Estimated Read Time: 6 minutes

Hey friends,

Wonderful to have you join us today! In this issue of Morning NFTea, we take a look at an interesting assortment of recent news from Japan’s sports industry, Mastercard’s music program, and Nike’s first collection on their DotSwoosh platform. Let's jump into it!

Japan is by no means a stranger to Web3 and NFTs with previous coverage of the country consisting of bangers like Japan's Prime Minister Endorsing NFTs, and this time around the NFT train continues to gain traction after the ruling Liberal Democratic Party and its Web3 team "Digital Society Promotion" unveiled a whitepaper that "Seeks to clarify the regulatory picture for NFT-issuing firms and their potential sporting partners".

Specifically, the government's Web3 team identified how Web3-enabled sports through initiatives like fantasy leagues have gained popularity overseas, and the party wants to encourage domestic companies within Japan to follow a similar suit. The report comes from Nikkei who says the whitepaper discusses in detail how NFT-powered sports could have huge popularity in Japan. Sports like baseball and football have huge followings, and so they were listed as an example of how Web3 fantasy leagues or digital sports cards "would undoubtedly enjoy great popularity".

It wouldn't be all fun and games though, because Japan has strict anti-gambling laws that outlaw most business activities that gather money from participants, even if it's just an entry fee to a fantasy league competition. The proposed whitepaper has the current outdated laws as one of the biggest problems for Japan's NFT sporting future, but also uses the opportunity to highlight how the government needs to further “clarify the regulatory environment” for NFT operators and sports teams".

We often cover big-name brands and companies that are pushing NFTs and Web3 towards mainstream adoption through their innovative and progressive initiatives, but sometimes you just can't beat a major country government pushing for new developments at the highest of levels, pushing towards a better Web3 world for everyone.

There's a good chance you have a Mastercard-powered card in your wallet (or on your phone) right now, and it wouldn't be surprising considering there are 1.544 billion Mastercard cards in circulation worldwide. So with the company's scope and power in mind, it's safe to say we have some pretty bullish news through Mastercard's Artist Accelerator program that recently launched on Polygon.

We actually covered news of this story back when it was announced in January, with CEO of Polygon Ryan Wyatt summarizing the partnership as an opportunity to help emerging artists, DJs and producers in the music industry as they tackle Web3; “Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living, and introduce novel mediums for self-expression and connection on their own terms".

Launched at NFT.NYC, the key to the accelerator program is the Mastercard Music Pass NFT that was released as a free-to-mint NFT available until the end of April. Unlocking the token-gated music accelerator program with your Music Pass will give access to a multitude of Web3 music educational material, resources, and even AI tools, the program also includes mentors such as popular artists or industry leaders like Ledger CEO Ian Rodgers.

You can never overlook when a powerhouse like Mastercard is doing anything with emerging NFT technology, and it seems like they are coming at this with the right intentions where Mastercard Chief Marketing and Communications Officer Raja Rajamannar said “As a company, we hope to help people and partners around the world better understand and trust how blockchain and digital assets are used, and how our technology can support the ecosystem... We also believe that Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Tokengated access to resources for your Web3 music career may not be the most exciting NFT story, but considering it’s one of the largest payment networks in the world looking to support newcomers to Web3 that also lays the foundations to disrupt the giant that is the music industry, well let's just say we can't wait to see how it plays out.

It was only back in November we covered the tremor in Web3 when Nike launched its DotSwoosh NFT store aimed to revolutionise consumerism through the idea that apparel is both a physical and digital item. In a landmark event, Nike has just announced the launch of its first-ever NFT drop on the platform, the Our Force 1's.

You might have noticed the twist on words there because these Polygon-based virtual sneakers pay tribute to the iconic Air Force 1 shoe from 41 years ago. As part of the drop that will cost $19.82 per digital sneaker box (a nod to Air Force 1's debut in 1982), there will be two types of boxes: Classic Remix sneaker boxes of modified Air Force 1 shoes released between 1982 and 2006, and New Wave boxes which are versions from 2007 and later.

To grab a pair of digital sneakers, you will need one of the Air Force 1 virtual posters that Nike is airdropping to randomly selected members who signed up for free to Nikes DotSwoosh platform. Details on any utility or perks from the $19 digital shoe have been very vague, but there seems to be no set limit on the number of Our Force 1 NFTs that can be minted.

Virtual Nike sneakers with no utility may not tickle your fancy, but when considering the bigger picture this is a major step to see Nike actually start to utilize their new NFT marketplace. The DotSwoosh store in question blurs the line between the apparel we use to express ourselves being restricted to just the physical or digital world, and it's easy to see why DotSwoosh is being developed with Ron Faris the GM of Nike Virtual Studios saying “With more members choosing to express themselves across physical and digital worlds, .Swoosh is the marketplace of the future”. What a great time to see the marketplace of the future debut its first item.

It’s altcoin season, driven by a Cinderella story called $PEPE.

To illustrate how lucrative $PEPE has been for people who have bought in…

Its meteoric rise has been a bumpy road, seeing everything from its website being flagged to its Twitter account being suspended for 2 hours… just for its price to 2x right after it was reinstated.

From degenerates to everyday investors to influencers, it seems that everyone loves Pepe. The conclusion on this new token though?

As always, none of the above constitutes as financial advice.

Thank you for joining us, we hope you enjoyed this edition and look forward to seeing you in a couple of days, take care!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.’