Animoca Brands has a $500 million pre-money valuation and is making inroads into Japan.
The parent firm Animoca Brands and the largest bank in Japan, the MUFG Bank, spent the same amount of money on the investment.
Japan isn't a good place to live if you're looking for a safe place to live. Currently, it imposes a 30% corporate tax on profit from cryptocurrencies holdings, including unrealized gains, a policy that has triggered aBlockchain brain drain and pleas for tax rates to be lowered.
Japan is a great place for NFT services to look for intellectual property.
The parent company of Animoca Brands Japan plans to use the new capital to secure licenses for popular intellectual properties, develop internal capabilities, and promote adoption of Web3 to multiple partners.
There are other financial groups in Japan that have embraced NFTs as well. In July, the banking giant said it would create a "Token Business Lab" that would provide consulting to institutional customers interested in NFT applications.
Japan's domestic tech companies have warmed to NFTs. Line launched its NFT marketplace in Japan in April. The Japanese messaging giant already made millions of dollars from sticker sales and popularized a number of sticker collections. Line has 90 million users in Japan, and they can now store their NFTs in their digital asset wallet.
Japan’s gaming blockchain builder Oasys raises $20M in private token sale
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