Overview and Characteristics Summary of Japanese NFT Projects
Utilizing Japan's unique aesthetics and local resources, the NFT business in Japan shows great potential, and its future development is worth looking forward to.Author: Footprint Analytics
Japan's NFT Market
Japan's NFT market originated from collaborations with domestic anime and entertainment idols, focusing on local culture, which has become an important cornerstone for Japanese NFT projects.
Key Points:
The Japanese NFT industry has three characteristics: a wide range of intellectual property (IP), low levels of FUD, and strong and tight-knit project communities.
This article introduces three major NFT projects in Japan: Murakami Flowers, Crypto Ninja Partners, and MetaSamurai.
Japan not only has a rich and long-standing history in video games but also possesses the most IP (intellectual property) in the world. These cultures have transcended borders and become globally recognized.
Beloved Japanese anime such as "Naruto," "Dragon Ball," and "Ghost in the Shell" have millions of fans worldwide, laying a solid foundation for the development of the blockchain gaming and NFT industry. As a result, the Japanese NFT community also possesses unique aesthetics and preferences that differ from other regions of the world.
If you want to learn more about the Japanese cryptocurrency market, you can click here to view the full report: Japan Crypto Market Report: Industry Trends and Future Prospects Study.
Unique Development Path of NFTs in Japan
Non-fungible tokens (NFTs) are a special type of digital asset, whose uniqueness and non-replaceability determine their value. NFTs utilize blockchain technology to ensure ownership and verifiable authenticity.
Since early 2018, non-fungible tokens (NFTs) have sparked a craze in Japan's cryptocurrency sector. By 2021, with the global frenzy for NFTs, they became even more popular in Japan.
The development of NFTs in Japan has distinct characteristics and remains independent of global trends. In the NFT market, Japan primarily bases its projects on domestic anime and idols, leveraging existing intellectual property content to collaborate with fan communities. This has led to the development of NFTs primarily for the domestic market.
However, with the rise of the "Bored Ape Yacht Club" (BAYC), collectible NFT projects began to emerge. Takashi Murakami's "Murakami Flowers" is the first project in Japan to establish an overseas user base. Murakami gained international fame through collaborations with luxury brands such as Louis Vuitton and Hublot, becoming a significant reason for the global attention on Japanese NFTs.
Japanese people have a deep affection for their own culture and art, providing natural support for local projects. Murakami showcases Japanese culture through NFTs, and this cultural sentiment has become a crucial driving force for Japanese people to support his projects.
Additionally, we have noticed an increasing acceptance of NFTs within Japan's local community. Japan has a tax system called "Furusato Nozei," which allows taxpayers to donate part of their taxes to local governments in exchange for local specialties.
Recently, some local governments have started using NFTs as a way to express gratitude. This practice is unique to Japan, combining rural revitalization with digital art, highlighting the unique aesthetics of Japanese digital art and the immense potential of local resources.
Overall, the three main characteristics of Japan's NFT industry are:
Abundant intellectual property resources: Japan has a wealth of popular IP resources, including anime, manga, and video games, which can be used to create attractive NFT collectibles.
Low levels of FUD: The cryptocurrency gaming community in Japan rarely experiences FUD, likely because Japanese culture typically avoids direct criticism and expressions of dissatisfaction. This is particularly evident among NFT newcomers and members of startup communities.
Tight-knit communities: Japan's cryptocurrency community is relatively small, which helps develop more efficient and closely connected communities through enhanced collaboration and shared goals.
Overview of Popular NFT Projects in Japan
Murakami Flowers
Murakami.Flowers Official (@MFTMKKUS) / Twitter
Takashi Murakami is a renowned Japanese artist known for his colorful works and unique artistic style. The Murakami.Flowers project (abbreviated as M.F) is a comprehensive project encompassing art, design, and digital creation. The project centers around the digital "108" (composed of 108 backgrounds and 108 small flowers), resonating with the number associated with worldly troubles or secular temptations in Buddhism, signifying the artist's attempt to transcend worldly constraints through digital art.
The series consists of a total of 11,664 NFTs (108*108). In terms of NFT distribution, the whitelist presale will allocate NFTs to 3,000 holders of Murakami Drip RTFKT CloneX and 500 other active participants. Murakami himself retains about 4,000, while the remaining 6,751 will be available for public sale.
In terms of pricing, the whitelist participants' price is 0.0727 ETH; the public sale participants' price is 0.108 ETH. Each wallet is limited to one purchase. The actual sale will take place in April 2023, and each purchaser will receive a "seed" NFT, which will then evolve into a unique flower.
Although the price of its NFTs has been declining since September 2022, Murakami remains actively involved in the project and continues to expand his M.F universe.
Murakami.Flowers Official (M.F) Price
Unlike typical NFT projects, this series' NFT holders' airdrops include not only NFT sub-series but also a range of physical goods, such as original T-shirts, Tamagotchi-like toys "Flower Go Walk" and M.F-based trading card collectibles.
In terms of market activity, the floor price of the M.F series continues to decline, with current trading prices around $600, second only to Crypto Ninja Partners (which will be introduced below).
The floor price of NFTs is determined by actual market participants, and those with advantageous opportunities, such as those who receive whitelist allocations, will significantly influence actual trading prices. Despite the decline in floor prices, NFT art is just one aspect of the art field, so Murakami has always been striving to take his project in broader developmental directions.
Crypto Ninja Partners
【Official】CNP (シーエヌピー) | CryptoNinja Partners (@cnp_ninjadao) / Twitter
Crypto Ninja Partners (CNP) is an NFT series themed around Japanese ninjas, originally stemming from a community called NinjaDAO. Although NinjaDAO is not a strict DAO organization, it gathers many cryptocurrency enthusiasts from Japan. Two key figures, Ikehaya (a Japanese NFT KOL and Web Marketer) and Road (another core contributor), have jointly propelled the development of CNP.
The CNP series NFTs were initially released in May 2022, with an initial price of only 0.001 ETH, comprising 22,222 projects. The initial sales price of NFTs is generally set between 0.05-0.08 ETH, but CNP's intention was to launch at an affordable price, allowing those who are less familiar with NFTs to participate. Holders can benefit from potential value growth rather than starting at prices as high as 0.08 ETH.
This strategy has been hugely successful and has earned the trust of holders, pushing the floor price above 2 ETH and making CNP one of Japan's successful NFT projects.
Crypto Ninja Partners (CNP) Floor Price
CNP's strategy mainly includes distributing a large number of sub-series and family series whitelists to holders at a price of 0.001 ETH. In the early stages of the project, this strategy effectively stimulated the project's activity by giving CNP holders priority minting rights. However, as the market environment deteriorated, CNP also seemed to struggle to attract more new users to join the community.
Since the project's launch, founders and community members have been promoting the project in various ways, using several key characters as community IP to assist in community operations and marketing. The community is also working to promote CNP's development by enhancing the CNP brand's influence through methods such as developing mobile games and exclusive apps for holders. Additionally, CNP holders can enjoy exclusive services offered by over 160 partner restaurants, hotels, and other venues in Japan, such as receiving special service discounts.
The project's emphasis on community distinguishes it from other projects mentioned in this article, and we can see that CNP fully leverages Japan's advantages in IP creation.
MetaSamurai
1BLOCK STUDIO®︎ (@1block_official) / Twitter
MetaSamurai, presented by the creative team "1BLOCK®︎" from Los Angeles and Tokyo, is a series that includes 3,333 unique 3D avatar NFTs. The project's goal is to establish a brand in the digital fashion space by empowering creators.
MetaSamurai is a series presented by the creative team "1BLOCK®︎" from Los Angeles and Tokyo, consisting of 3,333 unique 3D avatar NFTs. The project's vision is to establish a digital fashion brand and empower creators.
The core concept of the project is "I GOT YOUR BACK," symbolizing MetaSamurai's commitment to supporting its NFT holders. The phrase "I GOT YOUR BACK" originates from a story about two people fighting back-to-back, protecting each other; the spirit of the samurai is to selflessly protect their lord; the loyal dog Hachiko waited for over a decade for his deceased owner. These are all sources of inspiration for MetaSamurai's works.
This NFT series was initially minted in June 2022, with a public sale price of 0.05 ETH.
In 2022, its price fluctuated around the initial price, but by early 2023, the series began to appreciate significantly.
Additionally, another unique aspect of the project is its collaborations with numerous companies and brands within Japan. They have achieved many collaborations with well-known partners such as "Ghost in the Shell," "Ghost in the Shell: Stand Alone Complex," "BEAMS CULTUART," "Coach," "Lupin III," and "Atmos x Space Brothers."
1Block not only views MetaSamurai as a series of ordinary NFTs but also as a digital fashion brand. This sets it apart from other projects that release NFT series. The highly anticipated MetaSamurai 2 series is expected to launch personalized MetaSamurais wearable products, providing a new perspective for fashion brands and promoting the development of original projects.
Conclusion
The NFT industry in Japan has unique developmental characteristics. Leveraging Japan's distinct aesthetics and local resources, Japan's NFT business shows immense potential, and its future development is worth looking forward to.
However, for the industry, how to attract international attention to Japanese NFT projects remains a problem to be solved. These Japanese projects may need to strengthen marketing and promotional activities, communicate with NFT projects from other countries, and promote the development of cross-border cooperation.
