Public Blockchain "Japan Open Chain" Signs MOU on Connection with Multi-Chain NFT Creation Platform "NFT Garden"

〜Enables NFT Creation on Japan Open Chain〜

Japan Blockchain Foundation Inc. (CEOs: Takaaki Inaba, Hidekazu Kondo), which operates and manages the consortium for the fully Ethereum-compatible public blockchain "Japan Open Chain" operated by Japanese companies, announces the signing of a Memorandum of Understanding (MOU) with Connectiv Co., Ltd. (CEO: Yuki Ishii; hereinafter "Connectiv") regarding the connection of "NFT Garden," a multi-chain NFT creation platform developed and operated by Connectiv, to "Japan Open Chain."

Through this collaboration, we will provide an environment where NFT creation can be performed on the web3 infrastructure "Japan Open Chain" complying with Japanese law, without requiring web3 development skills, specialized knowledge, or cryptocurrency, and will support Japanese companies to enter web3 business safely and easily. Furthermore, going forward, while exploring possibilities for collaboration that creates synergies in each business, we will proceed with discussions toward further value enhancement of both services and promote initiatives toward realizing a world where anyone can promote web3 business with confidence.

■ Benefits of Issuing NFTs on Japan Open Chain

According to DappRadar, an NFT-related ranking site, the NFT market in 2022 remained active from January to May with lingering momentum from 2021, but following the collapse of cryptocurrency Luna and stablecoin UST, the NFT market also drastically decreased in both trading volume and transaction quantity. Monthly trading volume dropped from $3.3 billion in May 2022 to less than $1 billion from June onward, shifting from speculative NFT art trading of that period to cases where NFTs are utilized in business scenarios, centered on global consumer manufacturers.

In light of such changes, Japan Open Chain is being used with confidence by companies and local governments issuing NFTs primarily in the following aspects:

NFT issuance on blockchain complying with Japanese law

Validators (co-operators) are Japanese companies with visible faces

The chain adopts PoA for consensus mechanism, forming consensus among validators

If the chain's consensus mechanism is PoW or PoS, consensus formation in chain operation may be difficult, leading to separation (hard fork), with the risk of one NFT existing in multiple types

Therefore, optimal for use as certificates (e-Residency, membership cards, employee IDs, student IDs, graduation and transcript certificates, etc.) and title deeds (digital assets, membership rights, etc.) In the future, can be easily bought and sold without cryptocurrency using stablecoins planned for issuance on Japan Open Chain After initial NFT issuance on Japan Open Chain, bridge functionality to other chains such as Ethereum mainnet and Polygon will be provided, enabling sales on NFT marketplaces such as OpenSea

■ About Fully Ethereum-Compatible Public Blockchain Complying with Japanese Law: 'Japan Open Chain'

While there are several blockchain networks in the world, in reality, many have unclear operating entities or have legal and technical issues, making it difficult to promote web3 business on such blockchains. With various problems occurring on problematic chains, including fraud, public consortium blockchains that comply with laws of each country and enable secure business operations are being sought. Therefore, Japan Open Chain was established to promote web3 business for people worldwide by achieving necessary and sufficient decentralization, high security performance, and stability, while being operated by trusted Japanese companies in compliance with Japanese law.

▼ Validators (Co-operators) Jointly operated by 6 companies: COGEA Inc., a startup within the Sony Group, Dentsu Inc., G.U.Technologies Inc., Minna Bank Ltd., pixiv Inc., and Kyoto University of the Arts, with plans to eventually reach 21 companies.

▼ Recent Press Releases Regarding Projects on Japan Open Chain Domestic Banks to Issue Stablecoins Compliant with Japanese Law on "Japan Open Chain" https://prtimes.jp/main/html/rd/p/000000019.000083257.html

▼Japan Open Chain Official Site https://www.japanopenchain.org/

■ About NFT Garden

'NFT Garden' is an enterprise multi-chain NFT creation platform developed and operated by Connectiv Co., Ltd. NFT creation can be performed from APIs and Web screens without web3 development skills, specialized knowledge, or cryptocurrency. It supports 12 types of blockchains, the largest in Asia, including "Polygon" and "Solana," and generated NFTs are optimized for 4 types of marketplaces including "OpenSea" and "Magic Eden." Currently providing beta version services, NFT Garden usage fees and gas fees are free, enabling you to add NFT creation functionality to existing services or build new projects utilizing NFTs without holding cryptocurrency.

▶︎ NFT Garden: https://nftgarden.app/jp ▶︎ Connectiv Co., Ltd.: https://connectiv.jp

■ About Japan Blockchain Foundation Inc.

Japan Blockchain Foundation operates and manages the consortium for the business-oriented blockchain "Japan Open Chain," which is operated by trusted Japanese companies in compliance with Japanese law to solve social issues through blockchain. To utilize safe and appropriate blockchain technology, we develop and operate chains tailored to business purposes, including private chains, consortium chains, and public chains.

■Company Overview

Company Name: Japan Blockchain Foundation Inc.
Location: 26-1 Sakuragaoka-cho, Shibuya-ku, Tokyo
Representative: CEOs Takaaki Inaba, Hidekazu Kondo
Established: July 2022
URL: https://www.jbfd.org/
Business: Operation and management of web3 infrastructure
Related Companies: G.U.Technologies Inc., G.U.Labs Inc.

▼Contact for This Matter Japan Blockchain Foundation Inc. - Public Relations Contact Form: https://www.japanopenchain.org/contact