MUFG’s Progmat blockchain token platform is launching its first utility token in conjunction with Tokyo Dome City, a shopping, amusement and entertainment complex associated with the stadium. The tokens provide access to deeply discounted offers. To date, MUFG’s Progmat platform has focused on security tokens, but it previously announced plans for Progmat Utility Tokens (UT) and multi-bank stablecoins.
When MUFG unveiled its utility token plans, it differentiated them from typical cryptocurrency tokens, given the aim is to provide shareholder rewards. Almost half of the listed Japanese firms provide stockholder benefits (yuutai). But the Progmat utility tokens can also be used for rewards independent from owning stock.
In the case of Tokyo Dome, these are non-fungible tokens (NFTs) that provide deeply discounted offers – 60% or more price reductions – for stays in the Tokyo Dome Hotel or visits to the Natural Hot Spring Spa.
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