Japan-based 3D printed housing firm Lib Work Co has become the latest non-crypto native firm to buy Bitcoin for its corporate treasury, coming just a month after launching an initiative that uses non-fungible tokens to store house designs.
In a Monday statement following its board meeting, LibWork announced plans to purchase 500 million Japanese yen ($3.3 million) worth of Bitcoin (BTC) as a hedge against “inflationary trends” in Japan and the risks of “holding assets only in cash.”
“Therefore, our company has decided to adopt a phased approach to acquisition and holding, in response to these risks and to prepare for future growth areas with overseas operators,” the firm said.
Three-month Bitcoin buying spree
LibWork will buy Bitcoin in a series of purchases from crypto exchanges starting in September and continuing until December, while also establishing a risk management system, according to its statement.
At current prices, one Bitcoin is worth around $115,377, meaning the company could buy roughly 28 for $3.3 million.
It comes only a month after LibWork launched an NFT-backed 3D printed housing initiative to store blueprints on the blockchain and use Bitcoin as a payment method.
First NFT house blueprint goes live
LibWork said in a July 25 statement that one of its house designs, a Lib Earth House Model B, was issued as an NFT and aims to protect the intellectual property and to act as an ownership certificate linked to the physical home.
The NFT can store the house’s ID, history, and ownership information on the blockchain to ensure buyers hold exclusive design rights and prevent unauthorized blueprint plagiarism.
“Because 3D printed houses are based on digital designs, protecting the rights to these design files and managing their licenses is essential,” LibWork said.
“Currently, blockchain technology and NFTs are expanding beyond the art and music industries into real estate and intellectual property sectors.”
NFT blueprints could help solve building challenges
In recent years, the construction industry has faced labor shortages and soaring material costs, which, according to LibWork, show the “limitations of traditional construction methods.”
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However, the company said 3D printing construction methods and asset digitalization could help solve some of these challenges by reducing labor, time, costs and “creating new international housing markets for the metaverse and Web3 era.”
“By creating NFTs for 3D printed houses, Lib Work will build new housing distribution mechanisms for investors and users worldwide, actively promoting international brand value and expansion into new markets.”
Lib Work Co. was founded on Aug. 1, 1997. The company changed its name in April 2018 and started focusing on building 3D printed homes.
The company mainly sells detached houses and real estate using the internet and virtual reality, according to its company profile.
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