According to TechFlow, the Ministry of Economy, Trade and Industry (METI), the Japanese government's department responsible for economic planning and policies, recently launched the "Demonstration Project for Building Digital Public Products Using Web 3.0 and Blockchain" to develop new practical cases of blockchain in Japan.
The project has invited several industry leaders including PwC, Rakuten and NTT Digital to participate in the pilot study.
The project will revolve around four themes, covering multiple areas of the national economy. Among them, NTT Digital and Leaf will be responsible for establishing a tokenized market for real assets (RWA). Leaf's Sake World project will allow consumers to purchase Japanese alcoholic beverages and own digital collectibles in the form of NFTs. Rakuten will develop an image rights management platform based on smart contracts, and PwC will lead the protection of content intellectual property rights based on Web3. The Hiroshima Web3 Association will use governance tokens on distributed ledgers to promote "regional revitalization." METI provided six-figure funding support for each project, of which the RWA market project received $307,000 in funding.