* Japanese government’s “NFT task force”(yes Japan has an #nft taskforce) has recommended that the government should hire a “Web 3” minster to manage regulations and “drive innovation in the #web3 era”.
*#nft‘s (#nonfungibletokens) are an essential part of the #web3 ecosystem, representing a virtual or an even a physical element. They are non interchangeable and can be traded and exchanged.
*Japan’s NFT task force thinks that NFT firms in the country are lagging behind and the regulations and red tape around this area has to be fixed. The new minister will control this and work with the NFT taskforce.