- Seven different mayors were honored with NFT for their efforts.
- Fumio Kishida, the prime minister of Japan, was also present at the event.
The Japanese government is rewarding local authorities that have shown exceptional progress in the use of digital technology to address local concerns and advance the digital economy, with non-fungible tokens (NFTs). Seven different mayors were honored with NFT for their efforts.
The tokens represent “digital certificates” of success and they were distributed during the “Summer Digi Denkoshien 2022” event. Japanese Prime Minister and Chief Cabinet Secretary Hirokazu Matsuno presided over the event.
The tokens, for instance, used the Proof of Attendance Protocol (POAP) to verify a user’s physical presence at an event, but they were issued on the Ethereum blockchain. The xDai blockchain is the most common platform for minting POAP-style NFTs, which are used mostly for private events. No secondary market exists for the Secretariat’s NFTs.
Rising Adoption of NFT
Aside from IndieSquare, TREE Digital Studio, and Tomonari Kougei, Tokyo-based cryptocurrency firm bitFlyer Holdings also contributed technological assistance to the offering.
Many of the country’s major IT companies have shown signs of interest in NFTs and Web3 during the last 12 months. MUFG was among the pioneering Japanese financial institutions to provide NFT services. The SBI Group has established a separate company named SBINFTs.
With the help of the Prime Minister’s personal push, the NFT market in the “land of the rising sun” has been booming, and the main social media platform in the nation, Line, has launched an NFT marketplace named Line NFT.
As Kishida has already stated, the government is looking to implement institutional reforms to create an environment that “accommodates the creation of Web 3-related infrastructure,” and he has also confirmed that NFTs and innovations related to the metaverse will fuel Web 3-powered growth for the country.
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