The event, titled “A new fun economy brought about by RWA – Unraveling the mysteries of tokenization of copyrights and trademarks,” featured in addition to Uma, Yu Numazaki, co-founder of COINJINJA Inc., and Haruo Narimoto, a lawyer and director of the Japan Security Token Association, the organizer of the event.

Speaker Profile　
Hiroyoshi Uma (Vice President of Leaf Publications Co., Ltd. / 11th generation owner of Sake World Makinokura Co., Ltd.)
Attorney. Graduated from the Faculty of Engineering at the University of Tokyo and the Graduate School of Law and Politics at the University of Tokyo. Registered as an attorney in 2014. Engaged in M&A, litigation, and other cases. Joined Leaf Publications in 2020, launched the Sake World business in 2023, and will become the 2024th head brewer of Makinokura (formerly Makino Shuzo Main Branch) in November 11.

Yu Numazaki (Co-founder of COINJINJA Inc.)
In 2011, he founded a recruitment company in Asia. After that, he was involved in business development for several companies within the Fujisankei Group. In 2017, he co-founded COINJINJA Co., Ltd., and operates Coin Market, a cryptocurrency app with one of the largest user bases in Japan.

Haruo Narimoto (Partner Attorney at Law, TMI Associates; Director of the Japan Security Token Association)
Graduated from the School of Law, Waseda University. Registered with the Tokyo Bar Association in 2000. Involved in numerous cases in the finance field, including real estate-related funds and securitization cases. In recent years, also involved in legal services for FinTech and PropTech (real estate tech), and supports Web3-related companies and start-ups in expanding into Southeast Asia.
He has been selected in the Chambers Fintech 2025 Individual Division, Chambers Asia Best Lawyers (both in the real estate division), IFLR1000 Structured finance and securitization division, and as "Lawyer of the Year" in the 2022 Best Lawyers in Japan. His major publications include "Real Estate Tech Practice and Law" and "On Asset Tokens (co-authored)."

At the beginning, the moderator, Tsuyoshi Masuda, introduced the speakers, which led to a lively discussion.

--First, please tell us about the projects Sake World is carrying out.
Hama　The operating company, Leaf Publications Co., Ltd., originally published "Leaf," a local information magazine for Kyoto and Shiga prefectures.
Kyoto, where we are based, is home to an area (Fushimi) that is thriving in sake brewing, and we have a history of promoting sake in various ways in cooperation with Kyoto Prefecture and the local sake brewing association.

At that time, demand for sake fell sharply due to the coronavirus pandemic.
The "Sake World" business started when we had the idea, "Is there any way we can develop a business related to sake?"

--What kind of business have you been involved in?
Hama　First, we worked on operating the online media "Sake World" and the NFT marketplace "Sake World NFT," creating a format for buying and selling sake and for secondary distribution between users.
In 2024, the company acquired the sake brewery "Makino Shuzo Honten" in Okayama Prefecture, enabling it to produce sake within its own group under the name "Sake World Makinokura." As of 2025, the company has expanded its original brand "Assemblage Club" and is also managing "My Sake World," a store facility where individuals can enjoy blending sake. The company continues to focus on managing events that it has been running for some time.

--In December of last year, "traditional sake brewing," including sake, was registered as an intangible cultural heritage by UNESCO. Please tell us about the recent state of the sake market.

Hama　The demand for sake in the world is on the rise, and sake breweries in every country are starting to produce "SAKE." A report has been released stating that "demand will continue to increase until around 2030," so it seems that the market will continue to grow for some time to come.
However, in Japan, the number of sake breweries is steadily decreasing, and demand is also on the decline, as if in inverse proportion to the increasing attention it receives each year.

--Why are the number of sake breweries decreasing in Japan?
Hama　When we interviewed sake breweries about the current state of the industry, it became clear that many breweries were struggling with fundraising issues.
On the other hand, even for sake breweries facing financial difficulties, there seem to be various offers from foreign investors who have set their sights on the popularity of sake. However, some breweries have been family-run for many years and have no track record of taking in outside capital, making it difficult for them to accept foreign capital, and they have not yet been able to conclude any contracts.

Another sake brewery has been in business for hundreds of years, but as a result of spending a lot of money on equipment, the amount of bank loans has ballooned, and the brewery is in a financially difficult position to continue operating. Therefore, from a financial standpoint, it is difficult to develop a new brand of sake.

After witnessing the current state of the Japanese sake industry, we wondered, "Is it possible to create a way for sake breweries to raise funds to take on new business challenges?" This led us to launch the "Sake World Sake Brewery Investment" service.

--Please tell us the specific business activities of "Sake World Brewery Investment."
Hama　"Sake World Sake Brewery Investment" sells the "Sake World" trademark rights in small units for 5,500 yen each. It operates under a system that raises investment funds from individuals and companies.
With the funds received, we will produce new brands of sake, and depending on the volume of these products shipped, we will return various dividends to those who invested in us.

-What kind of dividends are available from trademark rights?

Hama　This refers to the exclusive right to earn revenue from "Sake World" branded sake and to offer that sake in stores and event spaces.
We plan to provide a variety of services to those who purchase the "Sake World" trademark, centered around two pillars: receiving royalties and being able to use the brand logo.

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--What kind of sake does Sake World brew?
Hama　We blend sake produced in various regions to create "custom-made sake" to suit a variety of occasions.

--Are there any problems with blending sake?

Hama　In fact, when we first heard about blended sake, we had the same impression. Our brand of sake, "Assemblage Club," is also a blended sake, and it has won awards in competitions in Singapore, Italy, Hong Kong, and even in Tokyo this year. We believe that these results are one of the reasons for its reputation.

We also sell OEM products to restaurants, so we hope that by mixing many different types of sake, we can create a truly wide variety of sake.
For example, we would like to offer custom-made dishes that match the vegetables and meats that are on the menu at each restaurant, and have our sake enhance the existing flavors...

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--While expanding your business in various fields, you also opened "My Sake World" in Kyoto, a facility where people can experience making their own original sake.

Hama　As we continued to make sake in-house, we began to feel the joy of making sake itself, and so we are opening a facility in Karasumaoike in January of this year, and in Shijo Kawaramachi in June, where you can experience making your own original sake. We would be delighted if everyone who wants to try making their own sake would come and visit us. We hope to contribute to the development of the sake industry through our Sake World initiative.

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At the event, COINJINJA co-founder Yu Numazaki also took to the stage to give a presentation on the NEO TOKYO PUNKS 3rd Collection "UTOPIA" initiative, which uses NFTs to manage the copyrights of anime works.

--You manage the copyright of your works using NFTs, but first, could you tell us about the current market?
Numazaki　Before we get into the main topic, let me first provide a brief explanation of NFTs (Non-Fungible Tokens).
"NFT" refers to a unique digital asset issued on the blockchain. In principle, "token coins" with the same asset value can be substituted, but NFTs are characterized by the fact that each individual piece of data has an ID and has unique asset value. For example, it is possible to express "information about a room in a specific property" using "NFTs," which is impossible to express using "token coins."

-How did NFTs start to attract attention?
Numazaki　NFTs themselves started to gain popularity around 2021. Justin Bieber and other international celebrities started purchasing NFTs and posting about them on social media, attracting attention and leading to the growth of companies such as CryptoPunks and Bored Ape Yacht Club (BAYC).
Then, from around 2023, "Fuzzy Penguin" toys, whose rights are set through NFTs, became popular around the world and sales began to increase. In recent years, they have come to be used not only for buying and selling images, but also for managing IP and copyrights.
In our case with UTOPIA, we started out with a collection of PFP (profile pictures) and eventually moved on to producing animation using IP.

-What kind of initiatives is your company taking with NFTs?
NumazakiThe rights to animate the characters created in "NEO TOKYO PUNKS" have been extracted, divided into 15,000 NFTs, and granted to the rights holders.
NFT holders can be involved in the production and decision-making of the work, and can also own some of the rights to the work. The key point of this project is that it allows people to be involved in creative production.

-What are the benefits of making it an NFT?
Numazaki　Traditionally, anime was mostly produced through a production committee system that included many large companies, but with copyright NFTs, overseas companies and specific users can also hold rights, making it easier to transfer those rights.
Until now, it has been possible to purchase rights and invest in them by purchasing shares in a company that holds the rights, but with NFTs, it becomes possible to invest directly in the IP you are looking for, opening the door to a new world.

-What changes do you think will occur with the introduction of copyright NFTs?
Numazaki　I believe that "copyright NFTs" will bring various benefits to the IP industry in the future.
For example, let's say you decide to produce a new anime.

In this case, the anime production company that receives the order from the anime broadcasting station or movie company will actually produce the finished work... But for the production companies, even if the work they produce is a hit, there is no change in the amount of revenue they receive.
As you may know, the working conditions of animators, who are forced to work long hours for low wages, have become a problem in recent years. Currently, thanks to their hard work, the Japanese anime industry is able to produce global hits, but it is fair to say that it is time for society as a whole to reconsider this working style, which has a negative impact on some.

I think that "Copyright NFT" could be an effective solution to these problems. For example, by handing over a portion of the copyright to the animators involved in the production, they could receive a share of the profits according to the success of the work, and it could also play a role in the industry's work style reform and further development of the anime industry in the future. I think it could provide various benefits, not just from an investment perspective.

--Is this a trend unique to Japan?
Numazaki　No, if we look at NFT cases overseas, we can see a similar trend.
It started out with selling collections of images and other things, but recently there has been a trend of using NFTs to create other creative things, like games and anime.

-How do you think copyright NFTs will grow in the future?
Numazaki　As NFTs develop, their use in a variety of businesses seems to be following a mainstream path in the "NFT-native" world.

As trading of NFTs has become more active, it has become clear that ownership and other rights can be properly proven, and there is the possibility of making a profit by reselling them.

However, a problem has emerged that NFTs will not be able to become a large-scale business if they are simply bought and sold as images and videos, as has been the case until now.
Recently, it seems that the understanding is settling on the idea that in order to revitalize the market, it will be necessary to sell utilities and the rights themselves.

At this meeting, Attorney Haruo Narimoto (Partner at TMI Associates), who is an expert in the field of asset securitization, shared his views on the future prospects and challenges of the two companies' efforts.

-First of all, please tell us how you got involved in the NFT business.
cost　As a lawyer, I have been involved in a number of securitization projects at a major domestic securities firm, and now I am in charge of cases involving so-called "security tokens" and "digital securities."
Until now, security tokens have mainly been used for small investments in real estate, but starting with movie "copyrights" that appeared last year, a variety of rights are now being treated as security tokens.

However, security tokens are a costly and time-consuming initiative, so even if there is a large amount of money involved, it is not something you can just say, "Let's do it!" right away.
Recently, there have been cases of companies with less than 100 million yen in capital issuing corporate bonds using security tokens, and it seems that experimental initiatives by small businesses are also on the rise.

-Even though you were witnessing such a situation, why did you decide to get involved in the copyright business?
cost　About 2-3 years ago, when I was feeling both hope and challenges in business using NFTs, I started to wonder, "Can we manage copyrights with NFTs?" I met Mr. Numazaki, and that's how I got started on my current project.
The term "copyright" encompasses many different things, such as the right to make animation or the right to sell products. Among these, we decided to work on a business that breaks down the rights to make animation using original characters into small amounts and transfers them as tokens. The business is based on the flow of royalties received from copyright holders and users who own some of the rights based on this license agreement according to their revenue.

-Is there any difference between copyright and trademark rights in the NFT business?
cost　The business flow is similar for the sake trademark rights. As mentioned in Mr. Uma's presentation, a license agreement for sake is concluded, and the original trademark rights are divided into smaller lots and sold to users. The users who own the rights can then receive royalties based on the license agreement.

-Are there any challenges when developing a licensing business using NFTs?
cost　If, for some reason, the license agreement itself needs to be reviewed or terminated in the future, there may be a situation where all parties involved will have to make legal decisions. Given that, it can be said that the method of dividing various rights into small amounts using NFTs and recruiting many investors will be limited in scope.

Although there are still some aspects of this scheme that cannot be described as highly versatile, we are now seeing the development of products that allow individuals to create fan communities while offering some degree of return on their investment.
In that respect, I think we have been able to present new possibilities for the use of NFTs. Personally, I think we have created a new form of copyright and trademark rights, so if you are interested, please let me know.

Writer: Junichi Shiratori
I'm a freelance writer living in Tokyo, and also work as a certified administrative scrivener. I like spicy drinks, so if you have any recommendations, please let me know.
X: @JunSchwan