- The collaboration between the Cosmize social platform, Startale Labs Japan, Mizuho Bank, and Blue Lab will promote the Kuma Shochu alcohol product via NFTs built on top of Polkadot’s Astar Network.
- The project intends to issue three different NFTs including Base NFTs, Parts NFTs, and the True NFTs in a bid to engage the customers on a deeper level.
The Polkadot (DOT) network has remained at the forefront of mainstream adoption of digital assets by enabling DeFi protocols to access different blockchains through the secure Parachains. Among the latest developments, the Polkadot team announced that its Astar network has made a strategic partnership with Mizuho Bank, the third largest banking institution in Japan, and Cosmize, a virtual social platform, to help the local market tap on emerging technologies through NFTs and the metaverse.
According to the announcement on the Astar network’s official website, the Japanese prefecture of Kumamoto intends to tap into Web3 products to promote a 500-year tradition of making a popular alcohol brand dubbed Kuma Shochu.
The partnership between the different entities has mutual benefits to all the involved parties as more traffic is expected to be shared among the users. Moreover, the Kuma Shochu alcohol brand is a popular product with most tourists visiting Japan with decades of perfection. The Astar network through the Polkadot ecosystem is a floodgate to the web3 industry with millions of non-zero balance addresses. The Cosmize virtual social network on the other hand has focused on maximizing the metaverse ecosystem with notable partnerships including Microsoft, and Startale Labs.
4/ @AstarNetwork has announced a partnership with Mizuho Bank (the third largest bank in Japan) and @cosmize_io to unlock exclusive experiences & engage communities using NFTs.
Learn more about how Polkadot tech helps to promote old traditions in Japan:https://t.co/4MPiHnFn3C
— Polkadot (@Polkadot) October 2, 2023
What Kumamoto Prefecture Expects from the Polkadot Ecosystem
According to the announcement, the primary focus of the project is to amplify the presence of Kuma Shochu by engaging users in different types of NFTs. The first type of NFT to be issued to the community is the Base NFT which will be issued to anyone interested in exploring the virtual world of Kuma Shochu.
The second type of NFT is the Parts NFT that will be issued to active contributors involved in promoting Kuma Shochu. The third type of NFT will be the True NFT, which will be obtained by holding enough Base NFTs and Parts NFT. Notably, the NFTs will be issued by Blue Lab Inc. and supported by Mizuho Bank to enhance awareness.
“Using multiple NFTs this way engages sake drinkers on a deeper level. It teaches them more about Kuma Shochu while allowing them to connect and have proof of their contributions that unlock exclusive experiences, exclusive offers, and other valuable benefits. Furthermore, the project will leverage Cosmize to enter the Metaverse and capture new enthusiasts, including younger generations that otherwise wouldn’t interact with Shochu,” the Astar network noted.
DOT and Astar Price Action
According to the latest crypto market data, Astar (ASTR) price hovered around $0.04467 on Tuesday, having dropped approximately 15 percent in the past month. Polkadot (DOT), on the other hand, traded around $4.09, having dropped about 4 percent in the last four weeks. In the long term, both altcoins are well-positioned to rally further amid the mainstream adoption of digital assets and blockchain technology.
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