This week was packed with activities in the Web3 space, which demonstrated the progress Web3 projects have made toward decentralization. 

The web3 industry has seen countries confirm their position on blockchain adoption and some invest in the sector, industries come together to claim their space in web3, and so on. It shows our commitment to ‘build’ amidst the crypto winter for the greater good of the lives of everyday users. 

Here’s a short overview of the most important web3 news of the week:

Japan’s plan to invest in the expansion of Web3 and NFTs

Fumio Kishida, Japan’s Prime Minister, disclosed the country’s plans to invest in the metaverse and NFTs in its digital transformation efforts. This is in addition to the friendly environment Japan has for businesses integrating web3 technology. Prime Minister Kishida said that Japan will continue promoting the social implementation and adoption of web3-related services through policies like tax incentives, for instance. To further stir the expanding web3 sector in the country, the Ministry of Economy, Trade, and Industry (METI) proposed to exempt Japanese crypto firms from taxes for them to maintain their operations in the country, as reported by CryptoSlate.

Probably A Label Launch

The Probably Nothing team collaborated with Warner Bros to launch ‘Probably A Label’ to change how ownership of intellectual property works in the ‘music biz’ and redefine the relationship between music labels, artists, and fans. The music label will enable artists to explore their creative freedom using NFTs. According to Music Weekly, the label sold out 5,555 passes within seven minutes of the launch. The label’s incubator, Studio A, will bring IP ownership to life while allowing the artists to use the platform to release new music. Hence, community members with approved project IPs can utilize Probably A Label’s resources to bring their ideas and concepts to life.

Hong Kong’s position on cryptocurrencies

Hong Kong’s Securities and Futures Commission is set to disclose the government’s new plans to boost the transformation of the city into a global virtual asset hub in the upcoming Hong Kong Fintech Week. This follows investors’ complaints about regulatory uncertainties and movement restrictions that harm the city’s crypto industry.

Blockchain Gaming Industry at San Francisco Blockchain Week

Developers, industry experts, and thought leaders are invited to “build better and play better” at UC Berkeley. The event is set to feature brilliant minds in both traditional and web3 gaming industries, including notable names like Chris Akhaven, the Chief Business Officer at Forte, SuperLayer’s Managing Partner–Kevin Chou, and LifeForce Games’ CEO, Catherine Carroll. The event, which will be held on November 2, will include brainstorming ideas and challenges that will shape the future of sustainable game economies.

Future Blockchain Summit

The event was held by Gitex Global at Dubai and Industry experts, including Dr. Naveen Singh, the Founder and Chief Executive Officer at Inery, discussed the relevance of security on blockchains, and quantum computing as a threat to blockchain technology, among other web3 topics.

Do you want to know more about Web3 and the opportunities it offers? Check out our blog exploring the dynamics of web3.