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HOME > News > Exploring Japan’s Winning Strategy in Web3
NewsWEB3

Exploring Japan’s Winning Strategy in Web3

Editorial
Posted Editorial May 15, 2023 84 Views 4 Min Read
Updated 2023/05/15 at 3:39 PM
Exploring Japans Winning Strategy in Web3
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The global Web3 movement is growing at an unprecedented pace despite the crypto asset market’s volatility. According to data firm CoinMarketCap, tokens have generated a value of $1.6 trillion globally. The Ethereum network, which supports the Web3 ecosystem, boasts almost 200 million unique addresses, with growth showing no signs of slowing down.

Contents
Tokenomics: The Web3 RevolutionJapan’s Opportunity in DappsTokenomics Issues in Play-to-Earn Games

However, due to regulations and restrictions on crypto assets, Japan lags behind Europe, the US, and Asia in this sector. Despite this, I believe that Japan has the potential to dominate the Web3 landscape. In this article, I will explain why.

Akatsuki, a Japanese firm, has already established a 2.5 billion yen Web3 specialized fund. Since September 2021, the fund has invested in more than 20 Web3 projects worldwide, including STEPN and BreederDAO. The fund is based in Singapore, making it well-positioned to compete globally from Asia.

Tokenomics: The Web3 Revolution

Web3 is a virtual, borderless economic zone that centers on the blockchain. Tokens are a crucial part of this economy, and the concept of “tokenomics” describes the economic sphere created by tokens. Tokens are typically classified into two categories: fungible tokens and non-fungible tokens (NFTs).

Fungible tokens include payment tokens and utility tokens that serve as currency, as well as governance tokens that function as securities. NFTs, on the other hand, are unique tokens that cannot be replicated. Tokenomics represents a revolutionary aspect of Web3, and it is essential to understand the value dynamics of these tokens.

Axie Infinity, a popular NFT game, provides an excellent example of how tokenomics can create a global economic zone. The game’s success is due to the development of a triangular tokenomics model that balances three tokens, each with a different value.

Japan’s Opportunity in Dapps

Decentralized applications (Dapps) are a critical area of opportunity for Japan in the Web3 landscape. Dapps include games and lifestyle apps, among other things, and they offer a significant opportunity for triangular tokenomics that engage users.

Japan can leverage its strengths in this area to create new Dapps that are highly engaging and offer unique experiences for users. Additionally, Japan has a strong track record in game development, which is particularly relevant to the Web3 landscape, where gaming is a crucial application.

Tokenomics Issues in Play-to-Earn Games

Play-to-Earn (P2E) NFT games are a particularly interesting use case for tokenomics. In P2E games, users purchase NFTs to use in the game, then earn in-game tokens by playing the game. They can use these tokens to upgrade their NFTs, which, in turn, increases their earning potential.

P2E games have a marketplace where users can trade NFTs within the game’s economic zone, generating revenue for the Web3 project. However, the P2E game economy is entirely reliant on new users/investors joining the ecosystem, as this is the only way to introduce foreign currency into the system.

If the number of new users/investors slows down, the P2E economy will collapse, creating a negative chain of events that can lead to token prices plummeting. It is therefore essential to design Web3 projects that are sustainable in the long term and can withstand fluctuations in user activity.

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