Japan Aims To Adopt NFTs In The Sports Field

Japan may push for non-fungible tokens (NFTs) to be used in the sports business. According to Nikkei, Tokyo may adopt this decision following the issuance of a white paper on the matter. The Liberal Democratic Party’s Web3 team will issue the paper titled “Promotion of the Digital Society.”
The issue appears to have been thoroughly explored with the media by anonymous individuals. According to Nikkei, the white paper would strive to clarify the regulatory environment for NFT issuing businesses and potential sports partners.

Japan has Tough Anti-Gambling Laws

The Web3 team stated that “fantasy sports are growing in popularity worldwide” and that they would like to “push” domestic enterprises to invest in the field. Baseball and football (soccer) are extremely popular in Japan. As a result, any NFT-powered Japanese fantasy league would surely be extremely popular.
But, Japan‘s tough anti-gambling laws may be a deterrent. Most commercial activities that solicit money from participants are illegal in Japan. This might be a concern for fantasy sports operators that utilize NFTs, as some charge “entry fees” to players. Dealing with overseas firms may also provide certain challenges.

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