Japanese Mayors Awarded With NFTs for Excelling at Usage of Digital Technology

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The Japanese authorities is handing out non-fungible tokens (NFTs) as a supplementary award to native authorities that excelled in using digital know-how to unravel native points in addition to fostering the digital financial system.

A complete of seven mayors acquired NFT awards for varied initiatives.

Cabinet Secretariat Bullish on NFTs

As per the report from CoinPost, the tokens, which have been distributed at the “Summer Digi Denkoshien 2022” ceremony, basically symbolize “digital certificates” of achievement. The award ceremony was headed by Japan’s chief cupboard secretary Hirokazu Matsuno. The nation’s Prime Minister, Fumio Kishida, was additionally in attendance.

The tokens, for one, have been issued on the Ethereum blockchain community however leveraged Proof of Attendance Protocol (POAP) know-how. POAP-style NFTs are largely used at unique occasions and are often minted on the xDai chain. The Secretariat’s NFTs can’t be traded on secondary markets.

Tokyo-based crypto firm bitFlyer Holdings offered tech assist for the providing, along with IndieSquare, TREE Digital Studio, and Tomonari Kougei.

Japan Pushes for NFTs and Web 3

Over the previous 12 months, a number of tech gamers within the nation have started to heat as much as the idea of NFTs and Web 3. One of the primary Japanese banks to enter the NFT area was MUFG. SBI Group additionally launched a devoted subsidiary known as – SBINFTs.

The nation’s prime social media, Line, additionally established an NFT market known as Line NFT. Thanks to the much-needed push from the Prime Minister itself, the NFT market within the “land of the rising solar” has been hovering.

Kishida acknowledged earlier that the federal government is trying to convey about institutional reforms to create an surroundings that “accommodates the creation of Web 3-related infrastructure.” He additionally affirmed that NFTs and metaverse-related improvements will gasoline Web 3-powered progress for the nation.

The comment follows the creation of the Digital Japan 2022 white paper, introduced by the Digital Society Promotion unit of the ruling Liberal Democratic Party earlier this 12 months that touted the NFT sector as a progress engine of the Web 3 motion.

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