NFT Market in Japan
The NFT market in Japan originated from collaborations with domestic animation and entertainment idols, with a focus on local culture, which has become an important foundation for NFT projects in Japan.
Key Points:
The NFT industry in Japan has three distinct characteristics: extensive intellectual property (IP), low FUD levels, and a strong and close-knit project community.
This article introduces three major NFT projects in Japan: Murakami Flowers, Crypto Ninja Partners, and MetaSamurai.
Not only does Japan have a rich and longstanding foundation in video games, but it also holds the highest number of IP (intellectual property) in the world. These cultural elements have transcended borders and gained global recognition.
Beloved Japanese anime such as "Naruto," "Dragon Ball," and "Ghost in the Shell" have millions of fans worldwide, providing a solid foundation for the development of blockchain games and the NFT industry. As a result, the NFT community in Japan has a unique aesthetic sense and preferences that differ from other regions of the world.
If you would like to learn more about the cryptocurrency market in Japan, you can click here to access the full report: Crypto in Japan Market Report: Industry Trends and Future Prospects Research.
The Unique Development Path of NFT in Japan
Non-fungible tokens (NFTs) are a special type of digital asset with unique characteristics and non-replaceability that determine their value. NFTs utilize blockchain technology to guarantee ownership and authenticity.
Since early 2018, non-fungible tokens (NFTs) have gained popularity in Japan's cryptocurrency field. By 2021, with the global NFT frenzy, it has become even more popular in Japan.
The development of NFTs in Japan has distinct characteristics and remains independent from global trends. In the NFT market, Japan mainly focuses on domestic animation and idols, collaborating with existing intellectual property content and fan communities. This primarily caters to the domestic market.
However, with the rise of projects like the "Bored Ape Yacht Club" (BAYC), NFT projects for collecting artworks have started to emerge. Murakami Takashi's "Murakami Flowers" is the first Japanese project to establish an overseas user base. Through collaborations with luxury brands like Louis Vuitton and Hublot, Murakami Takashi has gained international recognition, becoming a significant reason for the global attention on Japanese NFTs.
The Japanese people have a deep appreciation for their own culture and art, providing natural support for domestic projects. Murakami Takashi showcases Japanese culture through NFTs, and this cultural connection has become a driving force for Japanese support of his project.
In addition, we have also noticed that the acceptance of NFT in local communities in Japan is increasing. Japan has a tax system called "Furusato Nozei" that allows taxpayers to donate part of their tax payment to local governments, and in return, they will receive some local specialties.
Recently, some local governments have started to use NFT as a way to express gratitude. This practice is unique to Japan, as it combines rural revitalization with digital art, showcasing the unique aesthetics of Japanese digital art and the enormous potential of local resources.
Overall, the three main characteristics of the NFT industry in Japan are:
Abundant intellectual property resources: Japan has a wealth of popular IP resources, including anime, manga, and video games, which can be used to create attractive NFT collections.
Low FUD level: The cryptocurrency gaming community in Japan rarely experiences FUD, which is likely due to the cultural tendency in Japan to avoid direct criticism and expressions of dissatisfaction. This is particularly evident among NFT newcomers and members of startup communities.
Tightly knit community: The cryptocurrency community in Japan is relatively small, which helps foster a more efficient and tightly knit community through enhanced cooperation and shared goals.
Overview of Popular NFT Projects in Japan
Murakami Flowers
Murakami.Flowers Official (@MFTMKKUS) / Twitter
Takashi Murakami is a renowned Japanese artist known for his vibrant works and unique art style. The Murakami.Flowers project (referred to as M.F) initiated by him is a comprehensive project that encompasses art, design, and digital creation. The project revolves around the digital "108" (composed of 108 backgrounds and 108 small flowers), which corresponds to numbers associated with afflictions or worldly temptations in Buddhism. This signifies the artist's attempt to transcend worldly constraints through digital art.
The series consists of a total of 11,664 NFTs (108 * 108). For NFT distribution, whitelisting pre-sales will be allocated to 3,000 holders of Murakami Drip on RTFKT CloneX, as well as 500 other participants in the event. Takashi Murakami himself will retain around 4,000, and the remaining 6,751 will be available for public sale.
In terms of pricing, whitelisted participants will have a price of 0.0727 ETH, while participants in the public sale will have a price of 0.108 ETH. Each wallet is limited to one purchase. The actual sale will take place in April 2023, and each buyer will receive a "seed" NFT, which will then evolve into a unique flower.
Despite the continuous decline in the prices of his NFTs since September 2022, Takashi Murakami remains actively involved in the project and continues to expand his M.F universe.
Murakami.Flowers Official (M.F) Price
Unlike typical NFT projects, the holders of this NFT series not only receive NFT sub-series, but also a range of physical goods such as original t-shirts, Tamagotchi-like toys "Flower Go Walk", as well as M.F-based trading card collectibles.
In terms of market activity, the floor price of the M.F series continues to decrease and is currently trading at approximately $600, second only to Crypto Ninja Partners (which will be introduced in the following text).
The floor price of NFT is determined by actual market participants, and those who have advantageous opportunities, such as those who receive whitelist allocations, will have a significant impact on the actual trading price. Although the floor price has decreased, NFT art is just one aspect of the art field, so Takashi Murakami has been striving to bring his project towards a broader development.
Crypto Ninja Partners
【Official】CNP (シーエヌピー) | CryptoNinja Partners (@cnp_ninjadao) / Twitter
Crypto Ninja Partners (CNP) is an NFT series themed around Japanese ninjas, originally originating from a community called NinjaDAO. Although NinjaDAO is not strictly a DAO organization, this community has gathered many cryptocurrency enthusiasts from Japan. Two key figures, Ikehaya (a Japanese NFT KOL and Web Marketer) and Road (another key contributor), have jointly promoted the development of CNP.
The CNP series of NFTs was initially released in May 2022 at an initial price of only 0.001 ETH, containing 22,222 projects. The initial sale price of NFTs is generally set at 0.05-0.08 ETH, but CNP's intention was to start at an affordable price, allowing people who are less familiar with NFTs to participate. Holders can benefit from potential value growth without starting at a price as high as 0.08 ETH.
This strategy has been hugely successful and has earned the trust of holders, driving the floor price to exceed 2 ETH and making CNP one of Japan's successful NFT projects.
Crypto Ninja Partners (CNP) Floor Price
The main strategy of CNP is to distribute a large number of sub-series and family series white lists to holders at a price of 0.001 ETH. In the early stages of the project, this strategy effectively stimulated the activity of the project by giving CNP holders preferential minting rights. However, as the market conditions worsen, CNP seems to struggle to attract more new users to join the community.
Since the launch of the project, the founders and community members have been promoting the project in various ways and assisting the operation and marketing of the community with several main characters as community IP. The community is also working hard to promote the development of CNP by developing mobile games and holder-exclusive apps, enhancing the influence of the CNP brand. In addition, CNP holders are also able to enjoy exclusive services offered by more than 160 cooperating restaurants, hotels, and other venues in Japan, such as getting special service discounts.
The emphasis of the project on the community sets it apart from other projects mentioned in this article. We can see that CNP fully leverages Japan's strengths in IP creation.
MetaSamurai
1 BLOCK STUDIO®︎ (@ 1 block_official) / Twitter
MetaSamurai is a series presented by the creative team "1 BLOCK®︎" from Los Angeles and Tokyo, consisting of 3,333 unique 3D avatar NFTs. The goal of this project is to establish a brand in the digital fashion field by empowering creators.
MetaSamurai is a series presented by the creative team "1 BLOCK®︎" from Los Angeles and Tokyo, consisting of 3,333 unique 3D avatar NFTs. The vision of this project is to establish a brand in the digital fashion field and empower creators.
The core concept of this project is "I GOT YOUR BACK," symbolizing MetaSamurai's commitment to supporting its NFT holders. "I GOT YOUR BACK" originated from a story that depicts two people standing back to back, protecting each other in battle; the spirit of a samurai is the dedication to protect their lord, just like the loyal dog Hachiko waiting faithfully for its deceased owner. These are the inspiration behind the works of MetaSamurai.
This NFT series was initially minted in June 2022, with a public sale price of 0.05 ETH.
In 2022, its price fluctuated around the initial price, but at the beginning of 2023, the series began to appreciate significantly.
In addition, another unique aspect of this project is its collaborations with numerous companies and brands in Japan. They have achieved numerous partnerships with well-known partners such as "Ghost in the Shell," "Ghost in the Shell STAND ALONE COMPLEX," "BEAMS CULTUART," "Coach," "Lupin III," and "Atmos x Space Brothers."
1 BLOCK sees MetaSamurai not only as a series of ordinary NFTs but also as a digital fashion brand. This sets it apart from other projects that release NFT series. The highly anticipated MetaSamurai 2 series is expected to introduce personalized MetaSamurais wearable products, providing a new perspective for fashion brands and promoting the development of original projects.
Summary
The NFT industry in Japan has unique development characteristics. Leveraging Japan's unique aesthetics and local resources, Japan's NFT business demonstrates tremendous potential, and its future development is worth looking forward to.
However, for the industry, how to make Japanese NFT projects attract international attention is still an unresolved issue. These Japanese projects may need to strengthen their marketing and promotional activities, communicate with NFT projects from other countries, and promote the development of cross-border cooperation.
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