Hirokuni Genie Miyaji of 1SEC: “Speculation is important”

Speculation is important, but I think it is necessary to deeply understand the mechanism of Ethereum, a block-chain that supports NFT, and the community such as the NFT art community, which buys and sells huge amounts of NFT. Many have observed that we are at the cusp of an NFT boom. The thing is, it’s so […]

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Speculation is important, but I think it is necessary to deeply understand the mechanism of Ethereum, a block-chain that supports NFT, and the community such as the NFT art community, which buys and sells huge amounts of NFT.

Many have observed that we are at the cusp of an NFT boom. The thing is, it’s so cutting edge, that many people don’t know what it is. What exactly is an NFT and how can one create a lucrative career out of selling them? To address this, as a part of our interview series called “5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry”, we had the pleasure of interviewing Hirokuni Genie Miyaji.

After starting 3 influencer marketing companies in Japan, Genie created the company 1SEC based in LA and Tokyo. With the slogan “To empower individuals and companies, 1SEC develops DX and XR software, and as well as blockchain technology. He also established Japan’s first digital fashion label, 1Block. Their first release, NFT virtual sneakers “Air Smoke 1”, were sold out in 9 minutes for 5 ETH (about 13,000 dollars) in North America and attracted attention from all over the world.

Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit. Can you tell us a bit about your backstory and how you grew up?

I don’t like doing the same things as everyone around me. Since elementary school I’ve been interested in fashion and been an individual in both clothes and action. I wanted to start a business since I was a teenager, so after graduating university and started a business at a relatively early stage.

Is there a particular book, film, or podcast that made a significant impact on you? Can you share a story or explain why it resonated with you so much?

Books greatly influenced to way I think about block chain related things. The change from centralized to decentralized is accelerating. Initiatives like DAO are also attracting attention as cutting-edge technology in blockchain. As for movies I love Ready Player 1. I think this movie popularized the idea of the metaverse. I think it had a great influence on people in the XR and blockchain industry.

Is there a particular story that inspired you to pursue a career in this new industry? We’d love to hear it.

I heard about the technology called DAO, and the change from centralized to decentralized. Also, I noticed crypto currency and NFTs were attracting attention. That’s why I decided to focus on this industry.

Can you share the most interesting story that happened to you since you began this fascinating career?

Digital assets are starting to increase in value. Whether it’s our 5ETH virtual sneakers or digital art worth millions of dollars, there are opportunities for creators to gain citizenship in the digital world. With an increase in activity, there’s advancement in creativity and identity worldwide. Digital assets will be directly related to our way of life!

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

I didn’t realize there were so many NFT communities when I was starting. If I had known more about the communities of people interested in expensive NFT art and contents I could have developed different products earlier. There are still many unknown things, but I will absorb and learn every day!

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I’m grateful to my parents, family, 1SEC members, you, our business partners and others.

You can’t live alone. Thanks to everyone, you can confirm the value of existence.

Are you working on any exciting new projects now? How do you think that will help people?

1SEC is always doing projects for the first time in Japan. In the future, we will be the first in the world to challenge.

Our mission and vision are to empower and making business around the world happy.

Through our technology, we give creative power and create new opportunities.

Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. I’m sure you get this question all the time. But for the benefit of our readers, can you explain in your own words what an NFT is, and why people are spending so much money on them?

Since NFTs are on the blockchain, they are accelerating decentralized movements from a centralized world. Blockchain is a P2P network that guarantees the “trust” of the system without relying on a centralized entity. Bitcoin, which attracted a lot of attention, was also an attempt to realize a virtual currency that works without a state or central bank controlling it. The usage of blockchain is not limited to virtual currency. By regaining “trust” on the internet through blockchain, it is possible to exchange value that did not exist before, and there is a possibility that new businesses will be born. Blockchain questions “what is money” and “what is a nation”, so thinking about new business with blockchain is close to thinking about the future of society itself. Therefore, it is necessary to have a perspective that goes beyond just technical theory. It’s important to look into governance, organizational theory, and philosophy. Blockchain has an impact not only on the business domain but also on the government and local governments. Known as an electronic nation, Estonia has use blockchain to allow foreigners to use public services. Nowadays, experiments on electronic ID using blockchain are being conducted all over the world, but it goes beyond the framework of the nation and secures the trust and identity of individuals. For example, even refugees in the modern data economy. You will be able to participate too. If Japanese local governments realize decentralized governance and build a community based on blockchain, it may be possible to take new measures that can be called a “super-related population.” We can expect the above-mentioned big innovations, and I think that big money is flowing into NFTs and virtual currencies.

The NFT industry seems so exciting right now. What are the 3 things in particular that most excite you about the industry? If you can, please share a story or example for each.

The opportunities for creators.

The creativity and individuality the industry brings.

The impact blockchain will have on the world.

What are the 3 things that concern you about the industry? Can you explain? What can be done to address those concerns?

There are major challenges such as security and energy consumption.

But the blockchain industry is updating rapidly.

We except those issues to be resolved in a few years.

What are the most common mistakes you have seen people make when they enter the NFT industry. What can be done to avoid that?

It seems that there are many people who are entering the market only for speculative purposes!

There are some creators who release products because they think it is profitable and fail.

Speculation is important, but I think it is necessary to deeply understand the mechanism of Ethereum, a block-chain that supports NFT, and the community such as the NFT art community, which buys and sells huge amounts of NFT.

How do you think NFTs have the potential to help society in the future?

We believe that they will significantly change society in the future.

Individuals are empowered by NFT and can play an active role in the world.

It will become society.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂

I would want to inspire a technological and creative movement. These would give the world an equal opportunity.

We are very blessed that very prominent leaders read this column. Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this if we tag them 🙂

Elon Musk! I want to meet him very much! I am greatly influences by his ever-revolutionary ideas and challenges.

Thank you so much for these excellent stories and insights. We wish you continued success on your great work!

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