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NFTs Still Big in Japan as Honda Offers Keys to Tokyo F1

Published September 19, 2023 4:22 PM
Omar Elorfaly
Published September 19, 2023 4:22 PM

Key Takeaways

  • Honda announces a new series of NFTs.
  • New NFTs created to engage customers amidst plummeting automotive sales.
  • NFTs thrive in Japan and face extinction in the West.

Honda announced  the release of KEY NFTs to be given to all fans who apply for the raffle to purchase tickets for the FORMULA 1 Honda & Red Bull Welcome Event in Tokyo.

Moreover, will give NFT Honda KEYs and other special items to fans who visit the Honda booth at the F1 2023 Japanese Grand Prix at the Suzuka Circuit. 

Honda’s partnership with Animoca Brands Japan signals the success of the NFT industry in Japan, as opposed to the industry’s plummeting trend in the West.

Honda’s NFTs

The company’s announcement comes after previous efforts to engage customers in Web3 products in partnership with Animoca Brands Japan, Gryfyn, and GET Protocol and its metaverse.

The company says the new NFT series is meant to bridge between Japanese intellectual properties and global fans.

Animoca Brands Japan’s mission is to support the global Web3 strategies of Japanese intellectual property and content owners, such as major publishers, brands, educational institutions, sports teams, athletes, artists, and game companies.

Earlier this year, Honda announced  the launch of Hondaverse, its metaverse in the popular online video game Fortnite.

Honda entered the Web3 space in the summer of 2022 to boost declining automotive sales. They launched their metaverse, with a focus on Fortnite’s Twitch channel, which boasted over 80 million followers.

NFT Success In Japan

Animoca Brands released a report  in which it details its recent success. According to the report, the company’s deferred revenue for 2020 surged by 401.5% from $6.947 million to $27.890 million.

On top of that, the company announced that its employee headcount increased from 200 to over 1,000 employees.

One of the main driving reasons behind the success of NFTs in Japan, unlike the West, is governmental support.

During Japan’s House of Representatives Budget Committee meeting on February 1st, Prime Minister Kishida Fumio expressed  his desire to utilize NFT sales revenue for revitalizing struggling regions in the country, emphasizing the potential of web3 technologies in Japan.

He also said that he’d like to see the Japanese government use tools, such as NFTs and decentralized autonomous organizations (DAOs) to promote “Cool Japan.” 

“If you consider DAOs, people who are interested in the same social issues can form a new community,” said Fumio. “NFTs can also be used to diversify the income of creators and maintain highly loyal fans.”

For that reason, Japanese artists such as VR artist Aimi Sekiguchi may make fortunes  from selling NFTs. Sekiguchi sold his art or 69.697 ETH, or around $147,000 on the first day of the auction.

Furthermore, reports  show that the NFT industry is expected to grow steadily over the forecast period. Recording a CAGR of 38.70% during 2022-2028. The NFT spend value in Japan “will increase from $1361.50 million in 2022 to $8807.20 million by 2028.” 

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