I always knew Galapagos syndrome was not a myth, but according to my past economics science classes, this modern business pattern couldn’t apply easily to a decentralized and intangible environment. Things are evolving. Over the last decades, Japanese emergent creative scenes have been unique in many fields, including games, fashion, music, and more. Japanese creators have been offering in-house exclusive products that often embrace the local culture, unfolding narratives that can sometimes be tricky for outsiders to understand. The Web3 space is no exception.
Of course, numerous Western projects have significant fan bases and holders throughout the country – especially blue-chip NFT and PFP collections. RTFKT is one of these successes. By merging collectibles, gaming, fashion, and sneaker culture in a digital, screen-based environment, their creations have become favorites among Japanese cryptophiles. And when iconic japanese artist Murakami teamed up with the metaverse brand for their CloneX collaboration, it made waves. Still, Japanese creators launch new on-chain initiatives and Web3 projects daily, with many sharing specificities and visions deeply rooted in the domestic culture. This aspect makes the local crypto space unique and exciting, as it is complex to decipher correctly without cultural knowledge.
By hanging around Tokyo and being connected with creatives, it’s easy to witness the gap between the local Web3 and cryptoart scenes within the megapolis versus outside the country. In addition to the profusion of the anime-esque aesthetic, the almost-weekly NFT events, some of them sharing similarities with legitimate otaku gatherings, and of course, the PFP sticker exchange (which is taking over the business card ritual within the Web3 community), the increasing crypto frenzy seems to have finally made it to the mainstream. Today in Tokyo, you can stumble across normies talking Web3 at the 7-Eleven, or even enjoy an NFT-centric TV J-drama from the comfort of your kotatsu.
Despite this, the adoption of NFTs has been relatively slow in Japan. According to Ren Stern, founder of virtual goods brand Senspace, we have yet to reach the peak of the hype, which is an excellent opportunity to skip the short-term profit-focused cycle, or at least shrink it, and jump straight to the long-term value-driven one. But with the love for limited collectibles, brand collaborations, a thirst for new trends and tech, and values centered on community and wellness, all the lights have turned green. The conditions have been met to shape a one-of-a-kind and flourishing Web3 space. Although let’s make it clear: visual artists paved the path.
