| |NOVEMBER 20224Last year, one of the Blockchain firms based in New York, Injective Protocol, bought the 2006 edition of Banksy's Morons (White) painting for $95,000. To everyone's surprise, the company burnt the mesmerizing work to ashes, and they live-streamed it. The firm immediately created a digital representation of the world-famous artist's work using blockchain technology and turned it into an NFT. Non-fungible Tokens (NFTs) are digital-only visual assets powered by blockchain technology. NFTs can be image files, videos, music, trading cards, or even tweets, and they can be traded and sold between users. The NFT industry grew by 299 percent in 2020 and continues to skyrocket, states a report from the time. Back to Banksy, while burning the artwork could sound like an outrageous thing to do, Injective Protocol's stunt has paid off. The Morons NFT was sold for $380,000--a 300 percent increase from its price as a physical print. However, while the arguments between art lovers flare up, the online global art market is predicted to increase by 494 percent by 2024, thanks partly to people's increasing interest in crypto art and NFTs. The efforts of naturally tech-savvy countries like Japan have been a boon to the growth of NFTs. Japan's Prime Minister Fumio Kishida recently announced the government's plans to expand investments in non-fungible tokens (NFTs) and the metaverse. Last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues. It's quite clear that Japan has a futuristic vision regarding NFTs, opening the doorway to a lot of opportunities in the segment.Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comJapan & NFTs: A New Love Story Editorial Vol 04 · Issue 5 - 1 · November, 2022 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan Manager - DesignPrabhu Dutta A.R.N RayAssistant EditorHeena KousarNoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comTo subscribeVisit www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs.150 per issue.Editor Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of Info Connect Web Technolo-gies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2022 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Design Asokan S V VP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Keerthana Kantharaj Sthitaprajnya Panigrahi Roopalatha H Tanuja Akkanavar Shirly Pabisha T
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