Japan's largest NFT platform OVO: A pioneer leading Japanese IP into Web3 is about to launch its ecological Token

Author: Pablo

"Japan's largest NFT platform OVO is promoting the Web3 transformation of the Japanese cultural IP industry in the form of NFTs, which holds significant meaning for the development of the NFT field. The platform is set to launch its ecological token $OVO on Gate.io in the form of an IEO.

OVO achieved an astonishing feat of selling 9,000 NFTs within 48 hours. Currently, the NFT sales on the OVO platform have surpassed 100,000, with over 150,000 on-chain interactions, becoming a phenomenal hit in the Web3.0 space."

Development Potential of Japan's IP Cultural Market

Japan is a country rich in IP culture, with high recognition and fan bases across various fields, including manga, anime, games, movies, and music. IP culture has become an important part of Japan's cultural industry, with enormous development potential.

Japanese IP culture has a wide audience and fan base globally, providing significant opportunities for its expansion into overseas markets. For example, globally popular anime works such as "Ghost in the Shell," "Tokyo Ghoul," and "Fullmetal Alchemist" are original IPs from Japan, and their derivative products sell well worldwide.

Moreover, with the continuous expansion and development of the global digital entertainment market, Japan's digital content and gaming market also hold great development potential. As people's demand for IP culture increases, Japan's IP industry is evolving towards diversification and segmentation, continuously growing in various fields such as gaming and virtual idols, providing consumers with more diverse and personalized products and services. In the digital entertainment sector, new technologies like virtual reality and augmented reality are also being applied to Japan's IP industry, further driving its development.

The Japanese government and enterprises are actively promoting the development of the IP industry, encouraging companies to innovate in the IP sector and providing various policy and financial support to accelerate its growth. Additionally, some large enterprises are continuously expanding their layout and investment in the IP industry, further promoting its development.

With the Japanese government's "All in Web3" strategy, a new NFT market based on IP culture is also emerging.

A "New Spring" for the NFT Market in Japan under the Web3 National Strategy

Since the early development of the crypto industry, Japan has regulated it through the introduction of cryptocurrency legislation. Last year, Japan's new Prime Minister Fumio Kishida made profound projections for Japan's Web3 strategy, launching a series of initiatives and hoping to regain the initiative in the competition in emerging sectors.

Since last year, Japan has established functional departments related to Web3 and released new policies represented by the "NFT White Paper" and "Proposal for Stablecoins to Open Web3 in Japanese Society," as well as the world's first stablecoin legislation, the "Funds Settlement Act Amendment," to support the development of the Web3 industry and promote its exploration in various fields.

One of the main goals of Japan's Web3 strategy is to achieve a new "Renaissance" in the Japanese IP cultural market in the form of Web3. For instance, the "NFT White Paper" clearly states that "Japan has rich and high-quality intellectual property (IP) (such as internationally competitive anime and games) and has great potential to lead the NFT industry and the Web3 economy."

Driven by national policies, Japan's largest NFT platform OVO (ovo.space) is becoming one of the biggest responders to the revival of the Japanese IP cultural market through NFTs. We see that OVO is landing NFT applications along the extension of Japan's traditional 2D IP industry, assisting the traditional IP industry in expanding communication and profit channels through emerging technologies, and playing the role of a "chain-based publisher" in Japan. In the future, it is expected to become a major carrier for the development of the fan economy in the form of Web3.

Additionally, OVO is providing a more layered narrative capability for NFTs in this novel way, leveraging the combinatorial potential of NFTs to promote the long-term development of the NFT sector.

OVO: The Pioneer of the "Renaissance" in Japan's IP Cultural Market

OVO is Japan's largest NFT market, which not only provides multi-chain trading services for NFTs (supporting BNB Chain, Flow, Ethereum) but also serves as a multifunctional NFT launch platform, driving the industrial landing of NFTs based on smart contracts.

OVO adopts the latest AR-NFT technology to provide a one-stop NFT solution for high-quality IPs and excellent creators, making it a comprehensive platform that meets all NFT needs. Based on the infrastructure provided by OVO, each NFT content released on the platform has its own ecosystem, incentives, and built-in economy.

OVO holds significant importance for the development of the IP cultural market, and it is also becoming a new "origin" for quality IP cultural creators to explore Web3.

In fact, traditional centralized institutions (such as talent agencies, advertising companies, media companies, etc.) are the main drivers of cultural distribution and communication. Although IP creators can gain exposure opportunities through these Web2 institutions based on their works to further generate income, most of the revenue generated by the works flows to traditional distributors, and copyright ownership often leads to disputes.

At the same time, the derivative scenarios that traditional distribution institutions can help build for cultural IP are limited, and top authors usually "siphon" resources and support. As a highly competitive field, long-tail creators often lack opportunities, further hindering the development and dissemination of more quality cultural IPs.

Although NFTs were once seen as a "lifeline" for IP creators, they are currently using NFTs to enhance their visibility and explore new revenue streams. However, at present, NFTs themselves lack narrative capabilities. Art pieces, collectibles, PFPs, and game items are usually the main ways IP culture is presented in NFT form, but this type of "one-time" narrative (lacking scalability and combinability) often struggles to provide sustained value support for NFTs, which is also the root cause of the majority of NFTs losing liquidity in the market.

Major NFT markets like Opensea and Blur, as creator-facing ports, do not possess the capability to endow NFTs with deeper narrative layers. However, OVO has the ability to solve these issues.

Unlike most NFT issuance platforms, OVO can provide NFT issuers with a richer variety of issuance methods, such as blind boxes (MysteryBox), MainDrop, whitelist-based FreeMint, and auctions. After the NFTs are launched, it further provides functionalities such as Fusion (synthesis), PictureBook (illustrated guide), Genesis (native), and NFT-Mining (mining) to enhance the narrative capabilities and value capture mechanisms of NFTs, linking creators with consumers and fans in a gamified, entertaining, and profitable manner, continuously generating engagement.

When issuers launch NFTs on OVO, they have multiple options, such as the most creative blind box (MysteryBox), which mimics traditional capsule toy culture, allowing buyers to randomly receive NFTs with different attributes and rarity, thereby increasing the entertainment value of the NFT issuance process.

After users obtain NFTs, they can not only build applications around OVO's core binary structure, namely the "burn-reward" mechanism, which constructs Fusion (synthesis) and PictureBook (illustrated guide) applications, but also further develop mining functionalities (NFT-Mining, which is about to launch) that include computing power, mining bombs, and other mechanisms, greatly enriching the use scenarios of NFTs and further enhancing their fun. Features similar to collectible unlocking are also expected to keep users active within the community and enthusiastic about trading NFTs, promoting NFT liquidity.

OVO itself, backed by Japan's IP cultural industry, is one of the main advantages for ecological development and is expected to become a pioneer in the "Renaissance" of Japan's IP cultural market. As Japan's largest NFT market, OVO is not only the most popular cultural IP NFT platform in Japan but also enjoys high popularity in the global NFT market.

Multiple Renowned IPs as OVO Partners, Leading a New Trend in NFTs

Headquartered in Tokyo, the OVO platform was launched in the Japanese market as early as 2021 and serves global users. The platform has been operating for over a year and a half, and although the crypto industry has undergone multiple iterations and evolutions, OVO has consistently maintained its competitiveness, especially in the Japanese Web3 IP cultural market, where it has remained dominant and has a good reputation and user reviews in Japan's crypto circle.

This indicates the correctness of its narrative direction and underscores OVO's long-term operational purpose and goals. Meanwhile, OVO has also received investments from well-known institutions such as Avalanche Ventures, Y2Z Ventures, KuCoin Ventures, Gate Labs, MEXC Global, LD Capital, Nothing Research, and Ayanna Research, representing recognition from the crypto industry.

Currently, the OVO platform has obtained authorization from numerous well-known IPs and has a number of prominent IP partners.

As early as 2021, the 2D character Cheese Cat (Nyathees), which had over 5 million downloads of paid stickers on LINE, became one of OVO's early partners, using 3D + AR technology to bring the Cheese Cat NFT character to life, creating a strong reverse reaction in the consumer market.

At the same time, OVO previously issued NFT photos for a group of Japanese models, including Mao Akutsu, Rui Kiriyama, Miyu Kojima, Aoi Fujino, Yui Furukawa, Yuka Yuuki, and Nanami Yoshino, on Flow, helping OVO's sales reach the fifth position in the Flow ecosystem.

The early famous NFT artist in Japan, Onigiriman, has also collaborated with OVO to issue NFTs. Additionally, OVO's partners include well-known artists, such as Japan's legendary music producer Tetsuya Komuro.

To date, OVO has sold over 100,000 NFTs, with the Cheese Cat NFT series selling over 74,000 units. A particularly rare Cheese Cat NFT once auctioned for $277,000, and the on-chain interactions of the Cheese Cat IP on the platform have exceeded 120,000 (far surpassing blue-chip NFT ecosystems like Punks).

As a major responder to Japan's Web3 national strategy and a homegrown national NFT platform, OVO has also appeared on Japan's prime-time television programs.

It is reported that OVO is currently planning to launch the NFT-Mining feature and will introduce the ecological token $OVO on Gate.io in the form of an IEO on March 21 at 10:00 (UTC).

As mentioned above, NFT-Mining itself is a multi-layered user "Earn" mechanism based on the $OVO token, creating a deep consumption scenario for the $OVO token, including unlocking mining machines, removing bomb buffs, etc., which has a certain necessity. With the launch of the NFT-Mining feature, it is expected to further promote the demand for the $OVO token, continuously building a buyer's market for the $OVO token.

Overall, the OVO platform, backed by Japan's cultural IP market and driven by Japanese policies, is expected to provide continuous development momentum for its future growth, and its current market performance is quite indicative. From an industry perspective, OVO serves as a good demonstration for the NFT market, endowing NFT assets with deep narrative capabilities and value capture mechanisms, providing NFT issuers and quality IP creators with richer choices.

From an industry standpoint, image-based NFT assets will no longer be satisfied with one-time narrative methods and will evolve towards more layered approaches in the future.