The Japanese government is awarding NFTs as an additional reward to local governments that excel in using digital technology to solve local problems as well as promote the digital economy.
A total of seven mayors received NFT awards for various initiatives.
Cabinet Secretariat raises NFT price
According to a report from CoinPost, the tokens distributed at the “Summer Digi Denkoshien 2022” ceremony are essentially “digital certificates” of achievement. The award ceremony was presided over by Japan’s Chief Cabinet Secretary Hirokazu Matsuno. Japan’s Prime Minister Fumio Kishida also attended.
NFTs are issued on the Ethereum blockchain network but use Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mainly used at exclusive events and are often minted on the xDai chain. Secretariat NFTs cannot be traded on the secondary market.
Tokyo-based cryptocurrency company bitFlyer Holdings provided technology support for the TREE Digital Studio and Tomonari Kougei offerings in addition to IndieSquare.
Japan promotes NFTs and Web 3
Over the past year, some users of the technology in the country have begun to come up with the idea of NFTs and Web 3. One of the first Japanese banks to enter the NFT space was MUFG. The SBI Group has also established a dedicated subsidiary called – SBINFTs.
The country’s leading social media outlet, Line has also established an NFT marketplace called Line NFT. Thanks to the push from the Prime Minister himself, the NFT market in the “land of the rising sun” has skyrocketed.
Kishida stated earlier that the government is looking to implement institutional reforms to create an environment that “facilitates the creation of Web 3-related infrastructure.” He also asserted that NFTs and metaverse-related innovations will drive Web 3-based development for the country.
The remarks were made on the Digital Japan 2022 white paper, which was presented by the digital social promotion unit of the ruling Liberal Democratic Party earlier this year.