Japan's Prime Minister Announces NFTs As The Way Forward

Estimated Read Time: 5 min

Hey friends,

Great to have you back for today's edition of Morning NFTea. We've curated some pretty interesting stories over the last news cycle, from Japan's NFT expansion to Warner Brothers' new Web3 record label, so let's just jump into it!

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Japans Prime Minister Announces NFT expansion

In a recent policy speech by Japan's Prime Minister Fumio Kishida, he announced some pretty noteworthy plans for Japan's future, saying “We will promote efforts to expand the use of Web 3.0 services that utilize Metaverse and NFT”. More specifically, Fumio says there will be a focus to further its investment and promotion of Web3 services, including tax incentives for companies that embrace a digital future.

This isn't the first time we have covered Japan in its growing efforts to utilize blockchain technology, recently the government used NFTs as commemoration awards for local authorities. This latest announcement emphasized the government’s commitment to helping Japan in its digital transformation to Web3; which has always been a focus for Fumio, who made Web3 one of his pillars of economic revitalization after coming into office in 2021. Concluding his speech, Fumio said that “in the last few years, I have surveyed many sites and have had direct conversations with many people. It is a fact that the country is experiencing many problems, but at the same time, I feel that many transitions and transformations for the future are starting to happen”. This statement highlights why Fumio is focused on Web3-ifying Japan, as he and many others believe in the benefits that these new technologies could bring to the country, further pushing the worldwide mainstream adoption of Web3 and NFTs.

K-Pop Mega Group BTS Is Launching A NFT Marketplace?

If you're not familiar with BTS, the Korean pop band became the top-selling act in the world last year, charting four number-1 albums faster than any group since the Beatles, and now they are tying their brand to a new NFT platform. To set the scene, Dunamu Inc is the mother company of South Korea’s largest crypto exchange “Upbit”, and Hybe Co is the music agency behind BTS, and together these goliath companies have created the NFT platform MOMENTICA.

The platform aims to further fan-artist engagement through sustainable blockchain technology, where the platform will revolve around digital collectibles that push the boundaries of K-Pop fandom with unique collectible moments of favorite artists. The platform looks to be a digital playground for fan engagement and is hosted on the LEVVELS blockchain. The COO of LEVVELS, Ryan Jang, says "K-pop fans across the globe are known for their sophisticated use of technology in their everyday communication within their fan communities… In celebration of their passion, we are excited to provide a new digital experience that enhances how the fandom celebrates the best moments of their favorite artists through technology”. MOMENTICA is yet another example of how NFTs are opening up new opportunities for brands and ventures with a focus on communities, yet another example of how NFT technology has become a win-win for everyone involved.

Warner Brothers Creating a Web3 Music Label?

Warner Brothers Records is home to some all-time greats like Led Zeppelin and Red Hot Chili Peppers to name a couple, but now the media empire is looking to utilize NFTs for music through a new partnership with 'Probably Nothing'. NFTs have become a focus for the music industry due to their way of opening up new ways for artists to monetize their music and connect with their fans in a more intimate way. This new label called “Probably A Label” is focused on using NFTs and blockchain technology to release, promote, and distribute music in a way that is more efficient, transparent, and fair to both artists and fans.

Probably A Label will debut its first NFT song featuring grammy award-winning artists Diddy and Problem, but they aren't just focusing on A-list artists, upcoming artists will benefit from the label's promotional resources such as financing, marketing, creative development, PR, and much more. Currently, Probably A Label has a 5.4K NFT collection available through OpenSea, with the description saying “This is the first time that a traditional major label joins forces with a leading NFT culture brand to build an ecosystem that enables artists to create freely using blockchain technology”. Although at first glance this may seem like a wish-washy NFT collection, NFTs for the music industry go much deeper than just selling collections.

Through functionality like royalties, music NFTs have opened up brand new business models, help unsigned artists, fight against piracy, and forge closer communities (such as the BTS story above); by combining these benefits with the resources available to Warner Brothers, Probably A Label may push the boundaries of Music and NFTs as we know it.

Thank you to all who joined us for today's edition of Morning NFTea. Have an awesome next couple of days and we will be back in no time with the latest NFT news, 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.