The Japanese government is handing out non-fungible tokens (NFTs) as a supplementary award to local authorities that excelled in utilizing digital technology to solve local issues as well as fostering the digital economy.
A total of seven mayors received NFT awards for various initiatives.
Cabinet Secretariat Bullish on NFTs
As per the report from CoinPost, the tokens, which were distributed at the “Summer Digi Denkoshien 2022” ceremony, essentially represent “digital certificates” of achievement. The award ceremony was headed by Japan’s chief cabinet secretary Hirokazu Matsuno. The country’s Prime Minister, Fumio Kishida, was also in attendance.
The tokens, for one, were issued on the Ethereum blockchain network but leveraged Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used at exclusive events and are usually minted on the xDai chain. The Secretariat’s NFTs cannot be traded on secondary markets.
Tokyo-based crypto company bitFlyer Holdings provided tech support for the offering, in addition to IndieSquare, TREE Digital Studio, and Tomonari Kougei.
Japan Pushes for NFTs and Web 3
Over the past year, several tech players in the country have started to warm up to the idea of NFTs 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 top social media, Line, also established an NFT marketplace called Line NFT. Thanks to the much-needed push from the Prime Minister itself, the NFT market in the “land of the rising sun” has been soaring.
Kishida stated earlier that the government is looking to bring about institutional reforms to create an environment that “accommodates the creation of Web 3-related infrastructure.” He also affirmed that NFTs and metaverse-related innovations will fuel Web 3-powered growth for the country.
The remark follows the creation of the Digital Japan 2022 white paper, presented by the Digital Society Promotion unit of the ruling Liberal Democratic Party earlier this year that touted the NFT sector as a growth engine of the Web 3 movement.