The past couple of weeks in Japan have been absolutely mind-boggling, filled with an array of exciting Web3 conferences and events. In the company of our guests, Embrace Asia is thrilled to embark on an engaging conversation about Japan Blockchain Week (JBW) 2023, and how Web3 is shifting in Japan nowadays.
Government Support Paving the Way for Web3 Success
The Japanese government has demonstrated tremendous support for the blockchain industry, evident through initiatives spearheaded by entities such as METI (Ministry of Economy, Trade and Industry), taxation offices, and regulatory bodies. While the crypto industry has experienced its fair share of ups and downs, it has now evolved into a unique amalgamation of traditional and crypto sectors, bolstered by government support. This progress has been the result of long-term efforts and collaboration between various stakeholders. While significant progress has been made, there is still a need for continued support from developers and innovative products.
Efforts to create a more business-friendly environment in Japan have been a primary focus for the government. This includes supporting Japanese entrepreneurs venturing into global blockchain hubs like Singapore and Dubai, with the intention of opening doors for their success upon their return to Japan.
Startup programs designed to educate engineers and explore new Web3 use cases are providing valuable support to startups in Japan. Additionally, new regulations surrounding stable coins are set to be implemented, paving the way for their legal operation within the Japanese market, potentially as early as next year.
The impact of JBW this year has been particularly significant, breaking down barriers between the blockchain industry and the broader community, largely thanks to the support and involvement of the government. Consequently, awareness and understanding of blockchain technology have surged among both industry insiders and the general population. Today, it is widely acknowledged that blockchain represents the next frontier of business in Japan, transcending boundaries and capturing the attention of people from all walks of life.
Highlights of JBW 2023
The global convergence at JBW has made Japan, and more generally speaking Asia, as a core market for Web3. Attendees from around the world gathered to communicate, connect, and share their insights, further solidifying the region’s significance in the realm of blockchain technology.
Despite the current bear market conditions, Japan continues to attract individuals from Web3 who are eager to connect and engage with one another. The Japanese market stands out due to its unique characteristics, offering stability and sustainability in terms of regulations. Attendees at JBW discovered the distinctiveness of the Japanese market and industry, gaining insights and recognizing the exceptional qualities of Japanese society. It is our hope that people can truly comprehend the advantages inherent in Japanese companies and communities, paving the way for future collaborations and mutual growth.
The remarkable influx of individuals from across the globe to Japan has left a lasting impression. The growing number of people dedicated to the world of Web3 signifies the vast opportunities present in the country. It is encouraging to witness the immense interest and enthusiasm for the Japanese market. However, it is essential to acknowledge that challenges persist, not only in the realm of Web3 but also concerning cultural differences and societal attitudes towards international individuals. Recognizing these obstacles, the government is actively striving to foster a business-friendly environment that promotes inclusivity and collaboration. By addressing these challenges head-on, Japan aims to create a more welcoming and supportive landscape for global participants.
JBW has truly served as a remarkable gateway, attracting individuals from around the world. The conference and events held during JBW have emerged as valuable assets in showcasing Japan to a global audience. This convergence of Web3 and blockchain technology has facilitated an avenue through which Japan can promote its unique offerings and embrace international exposure.
The dynamic nature of the Asian market is truly captivating, as evidenced by individuals who have traveled from Hong Kong in April and are now present in Japan. Asia has become a thriving hub, brimming with opportunities and a plethora of localized products and programs. The region’s vibrant landscape offers a fertile ground for innovation and entrepreneurial endeavors.
The Japanese landscape is witnessing a remarkable rise in the number of high-quality projects, start-ups, and talented developers. This surge in innovation is fueling the growth of Japan’s tech ecosystem.
The sheer number of devoted individuals attending this event is truly remarkable. The air is electric with their unwavering passion and boundless enthusiasm for every aspect of the gathering. In the past 2-3 years, there has been a prevailing sense of concern regarding business prospects. However, JBW has emerged as a beacon of hope, rekindling optimism and fostering a renewed sense of possibilities. What is even more surprising is the notable shift in the developer landscape. While Japan had relatively few developers in the past, the present scenario is marked by an influx of exceptional projects and skilled developers emerging from Japanese companies. This exciting transformation speaks volumes about the growing prowess of the Japanese blockchain industry. It is a testament to the potential for innovation and success that lies ahead.
Gone are the days when finding exceptional Web3 projects from Japan was a challenge. Today, the Japanese start-up scene is teeming with a multitude of impressive ventures. The shift is palpable, with Japanese teams consistently winning hackathon contests and showcasing their incredible talent. Moreover, Japan has become a hotbed for remarkable Web3 projects, further solidifying its position as a hub of technological innovation.
The atmosphere was buzzing with anticipation as the Oasys special event unfolded, heralding the onset of an exciting blockchain game summer. The event’s core concept revolved around positioning it as the gateway to a season teeming with captivating blockchain games, akin to the excitement of GameFi summer. While this event served as a mere beginning, the energy and enthusiasm were palpable, leaving attendees eagerly awaiting the launch and playability of these highly anticipated blockbuster titles.
The Goal of the JBW
The initial aim was to showcase Japan’s incredible offerings on a global scale, bridging the gap between Japan and the world. And with great success, JBW has accomplished just that. This event continues to grow in size and significance, bringing with it an array of delightful side events that serve to uplift and promote one another.
In the blockchain industry, the community plays a vital role, and JBW recognizes its significance. Looking ahead, there is a strong desire to further enhance the community aspect by inviting more community-driven events to JBW next year. Recognizing the power of collaboration and shared experiences, the aim is to create a platform where the community can come together, connect, and contribute to the vibrant ecosystem.