The Japanese government is awarding non-fungible tokens (NFTs) as an additional prize to local authorities who have excelled in using digital technology to solve local problems and foster the digital economy.
A total of seven mayors received NFT awards for various initiatives.
According to the CoinPost report, the tokens, which were distributed at the “Summer Digi Denkoshien 2022” ceremony, essentially represent “digital certificates” of achievement. The award ceremony was led by Japan’s Chief Cabinet Secretary Hirokazu Matsuno. The country’s prime minister, Fumio Kishida, was also present.
The tokens, for example, were issued on the Ethereum blockchain network, but leveraged Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used in exclusive events and are usually minted on the xDai chain. The Secretariat’s NFTs cannot be traded on secondary markets.
Tokyo-based cryptocurrency company BitFlyer Holdings provided technical support for the offering, in addition to IndieSquare, TREE Digital Studio, and Tomonari Kougei.
Japan pushes NFT and Web 3
Over the past year, various tech players in the country have started to get excited about the idea of NFT and Web 3. One of the first Japanese banks to enter the NFT space was MUFG. SBI Group also launched a dedicated subsidiary called – SBINFTs.
The country’s leading social network, Line, has also established an NFT marketplace called Line NFT. Thanks to a much-needed boost from the Prime Minister himself, the NFT market in the “land of the rising sun” has exploded.
Kishida has previously stated that the government is seeking to carry out institutional reforms to create an environment that is “suitable for the creation of Web 3-related infrastructure.” He also stated that NFTs and metaverse-related innovations will drive Web 3-driven growth for the country.
The comment follows the creation of the Digital Japan 2022 white paper, released by the ruling Liberal Democratic Party’s Digital Society Promotion unit earlier this year that touted the NFT sector as a growth engine of the Web 3 movement.
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off Binance Futures first month fees (terms).
PrimeXBT Special Offer: Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.