Foreign I'm just gonna get started um my name is again can I I'm with Animal Care Brands I'm here to talk about uh Trends in blockchain gaming in Japan so so I'll be talking about obviously Trends in blockchain gaming in Japan I'll do a quick overview of Japan'sCrypto Market you may be familiar with it but if you're coming in from outside of Japan and you're not as familiar with Japan I'll do a quick overview I'll do a quick overview of the the games Market in Japan I think Japanese games are popular around the world but you may not knowSome specifics of the Japanese games market and then I'll talk about blockchain gaming in Japan um as of today so why am I doing this presentation I'm a director at animal group Brands focusing on Partnerships uh and Investments I've been with the firm five years um we've done over 420 investments inBlockchain some of our more prominent Investments are very early investor in openc very early investor in Dapper Labs very early investor in Sky Mavis the people who make axi infinity and one of our own Studios a subsidiary company is the games platform sandbox which is another very popular uhBlockchain game and we as a company we run over 15 blockchain games we're developing and running over 15 blockchain games ourselves so we run a lot of blockchain games we build a lot of blockchain games we invest in a lot of blockchain games uh this is what we're very keen on umFor those of you who are in Japan you're very familiar with Japan as a games market and I think most people are pretty familiar with Japanese game just because of the popularity of PlayStation and Nintendo's platforms but it's the third largest games Market in the World Behind the US and ChinaIt's actually the highest average revenue per user so it's actually the most profitable games Market in the world per user uh Japanese people love games and they pay and that's not necessarily true in other markets so it's a very important Market because if you can have a hit game in Japan uhIt's a very profitable Market to have a hit game and of course as I mentioned before you know globally popular platforms like uh Sega excuse me Sony and Nintendo have their console platforms and then there are many many other Japanese uh games uh Developers the other thing that's probably obviousTo a lot of people certainly to young people today is that Japan is the home of major IP holders uh especially in Manga and Anime Mangan anime you know when I was a kid they were sort of it's a very it was a very Niche thing and people didn't uhWatch mangana or kids didn't watch manga anime but certainly since the Advent of uh streaming um platforms like Netflix and Crunchyroll and those Mangan anime are now just globally popular and um the owners of those IPS are all in Japan and then finally uh Japan has a hugeMobile games Market a lot of the biggest Mobile gaming companies are Japanese so just a quick overview of the mobile games ecosystem of course in the web 2 space we go through um Gatekeepers like Google and Apple but there are 40 to 50 publicly traded uh Japanese gaming companies from BandaiNamco and Sega and Konami to you know middle-sized ones like Gumi and Mixie and cyber agent and then on the um private side there are a lot of smaller gaming companies that are doing both web 2 and blockchain games um uh in the market so it's a very veryVibrant Market a lot of competition a lot of collaboration uh between companies in terms of the crypto Market in Japan again you may be familiar with Japan as a crypto Market because of some early very high profile hacks but Japan was one of the early markets to embrace cryptocurrencies unfortunately there wasThe 2013 Mount gox hack and then a 2018 uh coin check hack both were very very large hacks and because of that the national regulator stepped in and started uh creating a lot of regulations um that have both helped and hurt uh the growth of a cryptocurrencies in Japan theSome of the regulations are pretty restrictive and that has unfortunately limited some of the growth of certain aspects of cryptocurrencies and blockchain gaming to be frank but the benefit of having a strict regulator is uh was really apparent most recently when FTX collapsed so before FTX collapsed umThey had purchased a Japanese exchange called coin and the regulator in Japan had very strict regulations such that the Japanese exchange had to keep the cryptocurrency separate from the rest of the cryptocurrencies that FTX had so in fact the FTX Japan customers will be getting all their crypto back uh whereasI think that's probably not going to be true for FTX users elsewhere so it's it's good and it's bad I think it's uh You know the regulator became strict because of these early hacks in Japan and then because of the regulation uh FTX users in Japan will be made whole uh so it really um you know if you were an FTX user in Japan you're pretty thankful that the regulator has these regulations umIn terms of tokens in Japan there are a very limited number of tokens available in Japan uh at Japanese exchanges it's like less than 50. it's a very limited selection there's a very strict um uh process to go through to get a token listed in JapanAnd uh it takes to both time and money to do that and so it's a very different Market from other markets in that way the crypto winter has hit Japan as well but not in the same way as in other markets so um as you may knowUh you know Tara Luna was obviously a huge uh issue last year um and then obviously the FTX collapse both of those really didn't affect Japan uh so in you know in many ways Japan has really uh uh didn't get the same impact as other markets did with respect to FDA FTX orLuna um but it's it's still uh I would say a pretty challenging time in the market and then I would say publicly traded gaming companies um really have a lot of restrictions around what they can do with blockchain games because of the restrictions around tokens um uh made by the regulatorThat and also accounting uh regulations and then finally from an individual basis there's a very high tax on crypto earnings uh up to 55 once you get above a certain amount um so it's uh from that way uh it's a pretty challenging Market as well in terms of blockchain games in Japan umYou know crypto kitties was arguably the first blockchain game that became uh popular that's obviously not a a Japanese game but soon after cryptokitties launched we started seeing Japanese companies building uh games with with nfts so crypto oink as I think the first Japanese blockchain games uh uh pig racing gameUh and then a team uh called a company called double jump uh released a game in 2018 called my crypto Heroes which is sort of a card uh battle or game that became very popular um and then in 2019 um smaller startup called crypto games launched crypto spellsUh and they've been a lot of other sort of small startups releasing games um but the challenge again is around uh how to do it legally when releasing a token is either very expensive or for publicly traded companies you know practically impossible so most of the Japanese blockchain gamesAre kind of nft only games and while you can make sort of a fun game with nfts obviously when you consider most sophisticated games have both items and a currency in a game you kind of need both you kind of need the nfts items and you need the tokens for the currency uhAnd I ideally you would have a vibrant Market where Gamers can sell items to each other or buy items from other people or from the game creator with tokens so nft only games can only get you so far and that's been sort of the challenge with the Japanese MarketThere are two games tokens legal in Japan unfortunately neither of them are really that relevant um yeah so um what has been happening because of the regulations in Japan is publicly some publicly listed uh games companies are testing as I said before nft projects without tokens um others are building uhProjects with private blockchains so that gets around all of the regulations but you know if you're building something that's not on a public chain I mean how relevant is that really it's sort of just a database and those projects the ones that have been built on private blockchains have not been popularI won't mention the company but it starts with an r um and then yeah private games companies are developing blockchain games um some of them are moving overseas so Japanese teams moving overseas uh some to Singapore um I just spoke with um a startup there's who told me thatThere are 25 not just gaming but they're 25 Japanese startups in Dubai uh building various projects both gaming and and D5 projects just because the regulations are such that they can do that in in Dubai but they and they can launch a token from there but they can't do so from JapanAnd there really hasn't been a hit domestic Japanese blockchain game since uh crypto my crypto Heroes um step in is not a Japanese project but it did have some popularity last year but it kind of had that sort of typical uh popularity you know initial popularity and then kind of uh wasn'tAble to sustain that popularity and then there have been some other releases since Steppin uh in Japan but um nothing that has really kind of broken out and become very popular I think part of it is regulations uh part of it is Um the crypto winter uh it is a challenging time and then yeah uh the other big project to note is the Oasis blockchain which is a Japanese project run out of Singapore that has a number of um uh Korean and Japanese uh backers uh game uh uh both game developers and investorsSo these are publicly listed Japanese gaming companies that have said they're going to do something in blockchain so big companies like band on Amco Sega scram X Capcom all these companies have done or said that they're going to do something it could be like an nft project it could beUm you know a lot of them are at the moment are nft projects or they say that they're going to do a metaverse or uh something like that so there's I think a lot of interest in the space but the regulations and certainly the investment environment right now make it a littleBit challenging um so Square Enix is um CEO has been talking for a number of years about uh wanting to do um projects with nfts and it's been really interesting to see sort of the reaction when this news hits the Western press the English language press in social media there's just a hugeBacklash from Western uh Gamers who many of them just are not interested in games with nfts in Asia there's really not that much of a backlash but there hasn't really been a successful project yet so I think Japanese Gamers or gamers in Asia are kind of you know wait in CMode uh and I think they're they're willing to try things out I think they're much more open to projects on blockchain I don't think there's a there's a the hate so to speak that we see uh in social media in uh in the West uh banana Namco mentioned uh in 2022That they were building a metaverse project around their Gundam IP and they'll be spending over 100 million dollars on this so that's a I mean that's that's a big project um and as a long time Gundam fan myself I'm pretty excited to see what what they'll be doingUm you know it's it's uh it's a great IP it hasn't had as much popularity in the West uh because it it wasn't distributed as broadly as some other uh Japanese anime was but it's a it's a gigantic IP uh certainly in Asia and uh if they buildSomething compelling it could be a really exciting uh metaverse project um this is something that just came from uh uh out last month which is that even Sony is looking at um patents around nfts uh for between uh games and consoles so you know if Sony's thinking about this as well umTo be frank I didn't think that the Sony or Nintendo would be interested in nfts but it sounds like they are so that's pretty exciting uh and if we see something from Nintendo I'll be even more surprised but uh uh I think anything can happen soIn conclusion I would say the the web 2 Market the traditional gaming Market in Japan is is just a really vibrant uh very profitable Market um and uh but is also a very competitive one the blockchain gaming was early to start but um because of regulations uh and other challengesThey've largely been nft only games and I've as I've said before you can get some fun games built with just nfts but um I think for the more popular games you really do need both uh a token uh and nfts in a game to be able to build compelling gamesUm as I said before I these regulations around tokens and and also the regulations around accounting for the publicly listed companies have really um limited what certain companies can do and so we've seen companies Japanese companies moving offshore to do this to to build projects and you know that's obviously not ideal umSo uh we see many industry um Executives and influential folks in discussions with the Japanese government and the Regulators to try and create changes to regulation and there are changes coming but they they're not coming that quickly um yeah and then finally I would say the Japanese gamers are playing blockchainGames that are popular uh outside of Japan so there's a pretty big axi Community here there's a very big sandbox community in Japan so if you have a popular blockchain game um you can find a lot of excited users uh to to play that game in JapanUm yeah I wanted to thank uh one of my good friends sir con Toto you can find me on Twitter at gen also on LinkedIn and I'm happy to take some questions if there are any

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