PayPal want to knock on the door of Japan, the giants are leaderless and focus on the NFT market

Image source @ Visual China

December 27 chain news, Japan's Ministry of Economy, Trade and Industry recently announced that it will start to carry out NFT demonstration experiments in the fashion field from around February next year, and the private enterprise selected by the Ministry of Industry and Economy is the blockchain starter Startbahn, and the entire plan will be officially launched in March.

As early as November 15 last month, the Policy Division of the Ministry of Economy, Trade and Industry (METI) announced the start-up as a partner, but as a technologically weak country, the issuance of Japan's NFTs is still in the basic stages. According to the public information and the reports of major Japanese media, this demonstration test will release 3 types of NFTs:

The first category is the NFT of the actual fashion item;

The second category is the real 3DCG data type NFT of fashion products;

The third category is NFTs that combine actual fashion items with image data from the user's own 3D photos.

At present, the starting point of the project is also to increase the creative enthusiasm of designers. The profits from the issuance and sale of the NFT are returned to the designers. In addition, in order to show the Japanese Ministry of Industry and Economy's concern for technology, the concept of metacosmology has also been mentioned in this cooperation. It is said that the conversion of fashion items into 3DCG data-based NFTs in the experiment is expected to be used in the metaverse, although it is currently being considered which metaverse platform can be used.

Startbahn is a startup that uses blockchain technology to provide the infrastructure for the distribution and evaluation of works of art, where artists not only have all the property rights and revenue rights of the products they design, but also set their own rules for the works when they are reissued. Under the Startrail alliance chain.

The company's current partner, AMAGASA, plans to exhibit works on the Startrail Chain in January, when the two major private brands, the gallery Ueno Art Village, which is expected to open in late January 2010, will exhibit their works on the Startrail Chain.

Japan's Ministry of Industry and Industry and Industry's blockchain white paper "2019 Industrial Technology Survey" mentioned NFTs, the definition and scope of application of NFTs are stipulated, the survey shows that NFTs are widely used in residential, painting and other art products, and are also used in digital industries such as games, and even in the field of investment.

Japan is fertile ground for the NFT boom

With the news that the Marseillaise-filled "EVERYDAYS: THE FIRST 5000 DAYS" in the art world was auctioned for $69.34 million in March this year, the combination of blockchain + IP has produced a new industry NFT industry chain for cultural creation, which has been booming in the crypto industry in 2021.

Behind Japan's hot NFT is the desolation of other fields.

As we all know, in the legalization of digital transactions, Japan has taken a big detour and paid a heavy price. The international situation has forced Japan's major companies to rely on themselves.

However, in recent days, the Japanese blockchain field has been constantly news. Last week, Japanese insurance giant Tokyo Marine Nikko Fire Insurance Group announced that it would use digital currency for settlement. Although the Japanese digital currency trading industry has always had a relatively prominent performance, it is not easy to open up this giant in the insurance industry.

However, the settlement system of the Tokyo Maritime Nichidani Fire Group uses a cryptocurrency pegged to the US dollar.

Last month, Japanese communications giant NTT DATA began an international patent application, which is expected to patent the standard trade settlement system developed by the company. The platform is said to improve the enterprise-level settlement system, shortening the month-long settlement time to more than a week, and reducing the fee from 3% to 1%.

Such huge benefits make the giants eager to try. Especially after giants like JPMorgan Chase have been ready to invest in their JPM stablecoins, more than 100 banks around the world are ready to accept the attitude, so that the financially developed Japan is also forced to open the market.

PayPal prepare to knock on the door of Japan

It's in Japan' still stagnant gap. On December 27, the US payment platform PayPal announced that it would spend a huge 300 billion yen to acquire The Japanese payment platform Paidy. PayPal doubled its transaction volume in 2021, especially after the new crown, online shopping swept across Europe and the United States, and the PayPal transaction amount reached $1.25 trillion.

PayPal had partnered with SoftBank in 2015 to prepare to open the cash-kinged island nation, but because of the small results, the active account was less than 1% of the company's, and it did not spread the surface. However, after 2019, Japan's national policy has spent great efforts to promote electronic money.

PayPal this time also opened the main offensive attitude, PayPal CEO Shulman crazy said that the entry into Japan is mainly to open up the Japanese crypto trading market. (This article was originally published in ChainDede, authorized by Titanium Media App, author: Maori Goro)