Hong Kong-based blockchain unicorn Animoca Brands’ Japanese strategic subsidiary started operations on Tuesday to bridge the nation’s exclusive intellectual property (IP) with the Web 3.0 ecosystem.
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- The subsidiary, Animoca Brands KK, is building a blockchain-powered platform for Japanese IP holders to launch Web 3.0 content such as non-fungible tokens (NFTs), an industry that topped US$4.4 billion in total sales in January, according to CryptoSlam data.
- Japan’s popular video game IP owners such as Bandai Namco, Square Enix and Sega have expressed excitement over NFTs and the metaverse, but some companies have withdrawn interest after backlash from fans.
- Last month, Animoca Brands Japan raised roughly US$10 million in a seed round established by Tokyo-based MCP Asset Management.
- Animoca’s Japan entry will allow some of Japan’s globally popular content to join the NFT and metaverse trends.
See related article: NFTs may be the next killer app for video games, but some traditional players object