Floor is Rising Ep 75: Inside the Japanese NFT Scene – Takuya Kitagawa and AT
Primer: The Japanese NFT scene is distinct from the US NFT scene. Why? What are the differences? Find out more from Takuya and AT in this episode of Floor is Rising. They also discuss Nannda, an NFT project that they have founded. Read on for more.
The Japanese NFT Scene
Japanese culture strongly originated from Anime culture and gaming culture
Most of the projects are based on anime characters
Japan-Centric Projects And Global Projects
Kizu differentiated between 2 categories of projects:
Projects that are popular in Japan but are rarely heard of outside Japan (e.g. CryptoNinja Partners, edo2022, MetaSamurai)
Global Projects that are also popular in Japan (e.g. Takashi Murakami’s Flowers, Shinsei Galverse, Hashmasks)
Mindset Of Japanese NFT Collectors
The NFT community on Twitter is quite divided in terms of the languages people tweet in
Most Japanese are still not comfortable with English
Hence, they tend to form a niche community that is separate from other NFT projects
The buying and selling pressure in the Japanese market is distinct from the US market
Good strategy for NFT projects to diversify their audience between different countries as a form of insurance
Japanese-centric NFT projects pay a lot of care and attention towards the Japanese audience and market
Requirements To Succeed In The Japanese Market
US is the major market for NFTs
Unlike the US, Japan does not have a diversity of race and ethnicity
The Japanese community is not divided over art style or graphics. It does not mean that graphics are not important
It’s more about the community rather than the differences in taste related to the art itself
Influencer Marketing
Influencer Marketing In Japan
Influencer marketing is big in Japan
However, they have not come to the NFT world yet
The current price and floor price of NFTs cannot be attributed to influencers
Is There Space For Minor Celebrities/Influencers In Japan?
There are micro influencers specific to NFTs that are coming up
However, the traditional influencers from YouTube and TV has not caught on with this trend yet
Expecting more Japanese people to be onboarded to NFTs through GameFi
Japanese Perspective On The Financialization Of Gaming
Is more accepting of the situation
They are used to in-game purchases and social gaming
Asian countries are more open to GameFi
Nannda
Origins
Late last year, Stepn became very popular in Japan
Inspired by Stepn to create Nannda that has both PFP elements and GameFi elements
Being a product from Japan, their illustration style is more anime-like
Their focus is on making Nannda entertaining and aesthetically pleasing
Main Difference Between Nannda And Other Play-To-Earn Games
They see Nannda as a generative PFP project
In NFT projects, the floor price starts to drop very quickly after the drop
Have 2 strategies to maintain a healthy floor price:
30-day period of staking
Plan to have events and other games in the future where users can earn
Nannda is a “lazy game” — users are not required to play too much
“So you don't have to do anything. The NFT is doing work for you.”
- Takuya Kitagawa
The longer you hold the NFT, the more you earn
Game Design
💡 Kizu highlighted that there are 2 types of game design: • Creators of the game holding events on a regular basis
• Creators design basic rules but users can devise an infinite number of strategies in the game
Nannda will be introducing games and events in real life
The 2nd approach is not realistic for them at this point in time
Do The Japanese Audience Prefer Individual-Focused Or Social Games?
Both are equally popular
For an individual-focused game, more campaigns have to be created
Favourite NFT Project
AT
Nouns and Wolf Game
Takuya
Nouns
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