The Japanese government distributes Non-Fungible Tokens (NFTs) as supplementary awards to local governments that excel in using digital technology to solve local problems and promote the digital economy.
A total of seven mayors received NFT awards for their various initiatives.
According to CoinPost’s report, the tokens distributed at the “Summer Digi Denkoshien 2022” ceremony essentially represent a “digital certificate” of achievement. The award ceremony was presided over by Japanese Chief Cabinet Secretary Hirokazu Matsuno. Prime Minister Fumio Kishida also attended.
For example, the token was issued on the Ethereum blockchain network but leveraged the Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used in exclusive events and are usually made on the xDai chain. Secretariat NFTs cannot be traded on the secondary market.
Tokyo-based cryptocurrency company bitFlyer Holdings provided technical support for the service, along with IndieSquare, TREE Digital Studio, and Tomonari Kougei.
Japan promotes NFT and Web 3
Over the past year, several tech companies in the country have started to get excited about the idea of NFTs and Web 3. His one of the first Japanese banks to enter the NFT space was his MUFG. The SBI Group has also launched a dedicated subsidiary called SBINFTs.
Line, the country’s top social media, has also established an NFT marketplace called Line NFT. His NFT market in the Land of the Rising Sun is booming, thanks to a much-needed push from the Prime Minister himself.
Kishida has previously said the government aims to bring about institutional reforms to create an environment “that corresponds to the creation of Web 3-related infrastructure.” He also asserted that NFTs and metaverse-related innovations will boost the growth of the Web 3-powered nation.
The remarks follow the creation of the Digital Japan 2022 White Paper released by the ruling Liberal Democratic Party’s Digital Society Promotion Department earlier this year, which touted the NFT sector as a growth engine for the Web 3 movement.
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