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September 11, 2022

Japan Honors NFT for Technological Advancements

Local governments in Japan that have shown exceptional skill in deploying digital technology to handle local issues and develop the digital economy will be eligible to receive non-fungible tokens (NFTs) from the Japanese central government as an extra prize. A total of seven mayors were recognized by the NFT for their contributions in a variety of areas.

According to the report that was published on CoinPost, the tokens, which were distributed during the event known as “Summer Digi Denkoshien 2022,” basically function as “digital certificates” of achievement. The chief cabinet secretary of Japan, Hirokazu Matsuno, served as the master of ceremonies at the prize ceremony. The Prime Minister of the country, Fumio Kishida, was also present at the event.

Tokens are a good illustration of this concept since their production was enabled by the Proof of Attendance Protocol (POAP) blockchain network. On the xDai chain, POAP-style NFTs are often produced, and their primary use is within the context of special events. It is not possible to trade NFTs that have been issued by the Secretariat on secondary markets.

Tech assistance was provided for the offering by a number of companies, including bitFlyer Holdings, a cryptocurrency firm located in Tokyo, as well as IndieSquare, TREE Digital Studio, and Tomonari Kougei.

According to Kishida, the government is working to adopt institutional changes in an effort to cultivate an environment that “accommodates the establishment of Web 3-related infrastructure.” In addition, he emphasized that the development of innovations related to NFTs and the metaverse would be encouraged by Web3 and contribute to the progress of the country.

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The statement was made after the publication of the white paper titled “Digital Japan 2022,” which was made available earlier this year by the unit of the ruling Liberal Democratic Party responsible for promoting the digital society and praising the NFT industry as a growth engine of the Web3 movement. The white paper praised the NFT industry as a growth engine of the Web3 movement.