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  • Although we have not yet seen many legal roles in Japan calling for lawyers with NFT experience, we expect this to change moving forward as the crypto and NFT marketings continue to grow.

    Large Japanese corporations such as Rakuten and LINE have opened up marketplaces for NFT users, which offer invaluable opportunities for Japanese consumers (especially in the art/entertainment industries) to easily purchase/sell their collections.

    In addition to such major exchanges, creative individuals who can think outside the box are also benefiting from the rise of NFTS. A Japanese comedian recently sold the sound of his voice using COMSA as an NFT (non-fungible token) for ¥1,700,000, and another comedian created his 3D avatar, which was sold for ¥120,000 on OpenSea.

    Although the barrier to entry into NFTs is lower than ever, legal protection for buyers and sellers is still a work in progress. As cases increase in number and laws are created and/or clarified, this will change and protection will be increased, however, potential dangers such as hacking, disputes, and copyright issues, are just some of the risks that early NFT participants have already faced in this new frontier.

    As the NFT market continues to grow, calls for more legal protection will also, and with it, we expect to see increased demand for lawyers in this field. While still early days, lawyers with any sort of experience, no matter how limited, or even an interest in NFT and blockchain technology, will soon have a range of new and fascinating opportunities open to them.

    Posted by 

    Maiko Kurotaki

    In-house Corporate, Private Practice, Compliance

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