Japanese Mobile Firm NTT Plans to Invest $4 Billion in Web3 Technology – Find Out Why
Japan’s largest mobile telecoms operator NTT DOCOMO has announced plans to invest up to 600 billion yen ($4 billion) into Web3 infrastructure.
The company has joined forces with multichain smart contract platform Astar Network as well as Irish services company Accenture to speed up Web3 adoption, according to a recent press release.
The joint effort will take the form of a consortium, allowing individuals and corporations to utilize tokens for governance. It is worth noting that the Japanese government owns one-third of the stock of NTT Docomo’s parent company, NTT.
“DOCOMO, in collaboration with Accenture, will revolutionize social infrastructure by utilizing blockchain and building a safe and secure Web3 environment. We will build an environment where the power of creators and developers can come together,” NTT DOCOMO CEO Motoyuki Ii said.
Astar Network and NTT Docomo have agreed to collaborate on three fundamentals, the press release noted. Initially, they will pursue sustainable development by researching case studies for environmental issues in Web3.
Second, they will work together to develop and grow a secure technology platform. Eventually, they will try to eliminate technology gaps on the road to wider Web3 adoption by educating people and providing training courses for those interested in working in the Web3 field.
Japan Web3 Adoption Picks Up Momentum
As of late, Japan has been showing a growing interest in Web3, crypto, and DeFi. The country has regulated cryptocurrencies as a trading asset. In early September, Japan’s financial regulator proposed tax breaks for crypto and individual stock investors.
The country has even awarded seven mayors with NFT rewards that are supposed to act as a “supplementary prize” in exchange for their efforts to revitalize local communities using digital technology. The country’s top social media, Line, has also established an NFT marketplace called Line NFT.
More recently, on November 2, The Digital Agency of Japan created a decentralized autonomous organization (DAO) tasked with researching and exploring Web3. The DAO will reportedly help the government develop an understanding of what such organizations can achieve.