WebX | Yuga Labs CEO Discusses How to Promote NFTs Worldwide? What are the Unresolved Issues in Japan's Web3 Industry?

The WebX summit, organized by Coinpost, kicked off in grand fashion at the Tokyo International Forum on 7/25. The morning of the first day saw a fireside chat between Daniel Alegre, CEO of Yuga Labs, and Takashi Itagaki, Deputy Director of the Japanese Web3 Policy Office, which was the highlight of the event and attracted numerous industry professionals. The discussion not only touched on Japan's perspective on the Web3 industry but also delved into how a local project can be promoted globally.

Japan's Optimism and Pending Issues Regarding Web3

At the beginning of the meeting, Daniel Alegre asked Itagaki Kazunatsu, "From the government's perspective, how do you view the business models of NFT in the industry?"

Itagaki Kazunatsu mentioned that Japanese society is well-suited for NFTs, not only having many well-known IPs but also a thriving gaming industry, which can attract foreign investors to Japan.

Furthermore, Japan has many use cases in this area, such as combining crowdfunding with NFTs to address social issues in rural areas. The operation mode of DAO also differs from Japan's traditional work styles, as participating in a project of interest could potentially bring stable cash flow to participants.

Daniel Alegre then asked, "How can the Japanese government assist in the continuous creation and entrepreneurship of the industry?"

Itagaki Kazunatsu mentioned that the Japanese government is currently creating an environment for enterprises to develop, but there are still many issues to be resolved, including tax, accounting, and regulatory matters.

As shown in the diagram below, these issues include the definition of digital assets, adjustments to the tax system, and accounting issues for auditing firms.

How to Promote NFT Projects Globally?

Although both parties acknowledge that Japan's IPs and developed gaming industry are strong niches for Japan to drive the Web3 industry, Daniel Alegre also bluntly points out that Japan's current biggest challenge is "how to promote successful projects in Japan globally?"

Regarding this, Daniel Alegre used Yuga Labs as an example, stating that "establishing connections with a global community" is crucial. In addition to ongoing official development, the creativity and launch of derivative products by holders contribute to creating and establishing connections and culture within a global community.

Moreover, Daniel Alegre emphasized the extremely loose IP restrictions of Yuga Labs, allowing holders to freely build brands and develop business models. Compared to the restrictive use of Web2 IPs, holders of Yuga Labs NFTs can even open restaurants, create T-shirts, or establish companies. By granting community ownership, IPs can be elevated to a higher level.

With the collaboration of Yuga Labs' latest IP verification tool "Made by Ape," holders can apply for on-chain licenses and register products, further addressing infringement issues.

In addition to the above examples, Daniel Alegre also reminds that companies need to know their uniqueness and consider how to make community-based IPs more successful.

To achieve this, besides participating in events, Daniel Alegre also holds community meetings, where members from around the world brainstorm the next steps together. At this point, communities are no longer bound by borders, making the project a tighter international platform.