Japan’s Ministry of Economy, Trade and Industry is preparing to conduct its first experiment on non-fungible token (NFT) technology and plans to improve the work done in this area in the country.
According to NHK, the ministry will conduct its first test of NFTs in February next year. Test work to be done fashion related expected to be.
Within the scope of the experiment, NFTs that correspond to the clothes produced by the designers will be created and the possibilities of use of these for the designers will be examined.
The shopping details of the garment can be tracked digitally via the NFT. If the garment or the corresponding NFT is put up for sale as second-hand, a portion of the proceeds from the sale tto the designer can be transferred.
The Ministry of Economy, Trade and Industry plans to use this model to diversify the income sources of designers. The Ministry wants NFT studies in the country to be developed quickly so that Japan does not fall behind other countries in this field.
The NFT experiment, which will be the first for the Ministry, will be carried out in cooperation with a start-up company currently operating in the field of art, using NFT technology.