Sumitomo Mitsui Financial Group (SMBC Group), which runs one of Japan’s largest banks, said Friday it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects.

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Fast facts

• SMBC and HashPort plan to set up what they call a token business lab, which aims to experiment on token businesses such as NFTs, according to the Friday statement.

• In March, Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, teamed up with Animoca Brands to “support the development of the NFT market.”

• However, it was not always smooth sailing. MUFG said in February it would close its blockchain payment venture due to slow profits.

• In November, an industry forum consisting of some of Japan’s top banks released a white paper to examine the possibility of a new cryptocurrency backed by bank deposits.

See related article: Mitsubishi UFJ ditches blockchain payment venture