cryptoknowmics.com
Animoca Brands Japan announced today that it received US$45 million from Mitsubishi UFJ Bank (MUFG) and Animoca Brands Corporation Limited to expand its Web3 business. The strategic subsidiary of Animoca Brands Corporation Limited concentrates on cooperative relationships in Japan for NFT-related commercial prospects. By securing licenses for well-known intellectual assets, building internal capabilities, and encouraging the use of Web3 across numerous partners, Animoca Brands Japan will increase the value and utility of their branded material while supporting the growth of a secure NFT ecosystem in Japan.
Web3 Adoption In Japan
Animoca Brands Japan, whose parent company has supported OpenSea, the world's largest NFT platform, plans to use the new funds to "secure licenses for popular intellectual properties. Furthermore, to develop internal capabilities and promote the adoption of Web3 to multiple partners, increasing the value and utility of their branded content amid fostering the development of a safe and secure NFT ecosystem in Japan.
Bank of Tokyo-Mitsubishi and UFJ Bank Merger
The Bank of Tokyo-Mitsubishi and UFJ Bank merger resulted in the creation of MUFG, although it's not the only financial organization in Japan that support NFTs. With technical assistance from blockchain startup HashPort, banking behemoth Sumitomo Mitsui Banking Corp said in July that it intends to establish a "Token Business Lab" that will offer consultancy to institutional customers interested in NFT applications.
NFT Marketplace In Japan
Cryptocurrency is not as popular in Japan as in other countries. In the current system, cryptocurrency profits are taxed at 30%. Despite this, Japan is still a top destination for NFT services looking for IPs, thanks to its abundance of anime, manga, video games, movies, and musicians. In Japan, NFTs have also gained traction among domestic tech companies. Earlier this year, Line announced plans to launch an NFT marketplace in Japan. In addition to making millions from sticker sales, the Japanese messaging giant has also popularized a handful of sticker assortments.