Japan’s foremost mobile network, NTT Docomo, plans to allocate $4 billion towards Web3 initiatives.
In Brief
NTT Docomo, the largest telecommunications entity in Japan, is partnering with Accenture for an ambitious $4 billion initiative focused on Web3 technologies.
The completion of this substantial investment is scheduled over a period of five to six years.
Combining resources with Accenture, NTT Docomo aims to invest 600 billion yen into developing Web3. They’re also collaborating with the Astar Foundation, which is known for creating the Astar Network public blockchain.
The funds will be utilized to establish a new company dedicated to creating blockchain-based solutions, with plans to unveil it in 2023. Earlier in the year, NTT Docomo already initiated a metaverse division with an investment of $412 million.
The official press release It has been suggested that blockchain technology possesses the potential to develop a new digital economy that could surpass traditional economic structures in terms of social impact, offering well-defined advantages and secure environments for success.
Plans are in motion for NTT Docomo and Accenture to establish Decentralized Autonomous Organizations (DAOs) and a consortium, allowing both private individuals and businesses to engage in governance using blockchain tokens. They have outlined three key objectives for this venture:
- Addressing ESG (Environmental, Social, and Governance) concerns;
- Creating a secure technological foundation for Web3 while tackling related challenges;
- Nurturing talent through educational programs aimed at those interested in careers within the Web3 sphere.
We aim to cultivate an environment that harnesses the talents of both creators and developers. We are excited to advance Japan's Web3 initiatives and encourage individuals and enterprises to join us on this global journey, development of Web3 services,”
stated Motoyuki Ii, the CEO and President of NTT Docomo.
A third of NTT’s shares are held by the Japanese government. Just last week, the country’s digital ministry unveiled plans for establishing a DAO to delve into the realm of Web3 technologies. Furthermore, last month, Prime Minister Fumio Kishida announced investments in Web3 .
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