Japan's Gamble: Bitcoin, NFTs, and 3D-Printed Dwellings
In a move that signals a shift towards digital assets and decentralized technology, Japanese company Lib Work Co. has announced plans to acquire Bitcoin and utilize Non-Fungible Tokens (NFTs) for its groundbreaking 3D-printed homes.
Originally known as SK Home Co., Lib Work is a prominent player in Japan's detached residential business. The company has recently completed the construction of its first 3D-printed earth home, a modern, light-filled single-story dwelling that runs on an off-the-grid energy system with solar panels and Tesla's Powerwall battery storage.
Lib Work aims to protect the intellectual property of these innovative homes by issuing their digital designs as NFTs. The NFTs will act as ownership certificates linked to the physical houses, preventing unauthorized use and protecting the IP value. This move could open up new global housing markets tied to the metaverse and Web3 era.
In response to macroeconomic risks and to prepare for future growth areas with overseas operators, Lib Work Co. also plans to purchase 500 million Japanese yen worth of Bitcoin in a series of purchases starting in September and continuing until December. The company joins institutions like Tokyo-listed Metaplanet Inc., which announced it will buy a total of 500 million yen worth of Bitcoin from September to December.
The use of NFTs will also enable Lib Work to manage and verify transactions and ownership of housing models and blueprints in a decentralized and secure manner. This approach ensures traceability for buyers, making it easier to track the history and ownership information of each house on the blockchain.
Japan's Financial Services Agency (FSA) is planning to revise its laws to give crypto assets a legal status as financial products, further legitimizing the use of digital assets like Bitcoin. In recent years, Bitcoin has gained recognition as "digital gold," with companies moving to hold it for the long term.
The news of Lib Work's Bitcoin acquisition and NFT utilization comes as Bitcoin is currently trading around $116,500, down 6.4% from its peak just above $124,000 hit on August 14. Despite the recent dip, the company remains optimistic about the potential growth of Bitcoin and the role it could play in their future plans.
Meanwhile, Japanese financial firms like Mizuho and MUFG have been investing in cryptocurrency exchanges and launching crypto investment products, indicating a growing interest in digital assets within the country.
As Lib Work Co. moves forward with its ambitious plans to construct 10,000 such units by 2040 by automating the entire construction process, the company's embrace of Bitcoin and NFTs could set a precedent for other businesses in the housing industry.
