The Japanese government is handing out non-fungible tokens (NFTs) as a supplementary award to local authorities that have excelled in utilizing digital technology to solve local issues as well as fostering the growth and adoption of digital economy in the country. A total of seven mayors were recipients of NFT awards for various initiatives they introduced.
As reported by CoinPost, the tokens were distributed at the “Summer Digi Denkoshien 2022” ceremony. The tokens essentially represent digital certificates of achievement. Japan’s chief cabinet secretary Hirokazu Matsuno headed the award ceremony. The country’s Prime Minister – Fumio Kishida – was also in attendance alongside other important government dignitaries.
The tokens were issued on the Ethereum blockchain but leveraged Proof of Attendance Protocol (POAP) technology. POAP-based NFTs are minted on the xDai chain and are mostly used at exclusive events. The awarded NFTs cannot be traded on any secondary markets. Tokyo-based cryptocurrency firm – bitFlyer Holdings – provided m support for the offering with help from IndieSquare, Tomonari Kougei and TREE Digital Studio.
Over the past year, several technology players in the country have started to warm up to Web 3.0 and NFTs. One of the first Japanese banks to foray into the NFT space was MUFG. SBI Group also launched a subsidiary called – SBINFTs, dedicated to the digital asset industry. Japan’s foremost social media platform – Line – also established an NFT marketplace named Line NFT. The NFT market in the “land of the rising sun” has been soaring, thanks to the much-needed push from the Prime Minister.
Kishida earlier stated that the Japanese government wants to introduce institutional reforms to create an accommodating environment for the creation of Web 3-related infrastructure. He also affirmed that Japan’s Web 3.0-powered growth will be fuelled by NFTs and metaverse-related innovations. His statement came after the creation of the Digital Japan 2022 whitepaper, presented by the Digital Society Promotion unit of the ruling Liberal Democratic Party earlier this year.
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