Japan Awards NFT For Technological Innovations

As an additional reward, the Japanese government is giving out non-fungible tokens (NFTs) to local governments that have shown excellence in applying digital technology to address local concerns and promote the digital economy. NFT awards were given to a total of seven mayors for various efforts.

The tokens, which were given out at the “Summer Digi Denkoshien 2022” ceremony, effectively serve as “digital certificates” of accomplishment, according to the CoinPost story. Hirokazu Matsuno, Japan’s chief cabinet secretary, presided over the award presentation. Fumio Kishida, the nation’s prime minister, was also present.

One example is the tokens, which were created using the Proof of Attendance Protocol (POAP) blockchain network. POAP-style NFTs are often minted on the xDai chain and are mostly used during special events. NFTs issued by the Secretariat cannot be exchanged on secondary markets.

Along with Tokyo-based cryptocurrency startup bitFlyer Holdings, IndieSquare, TREE Digital Studio, and Tomonari Kougei, tech support was offered for the offering.

The government, according to Kishida, is attempting to implement institutional reforms to foster a setting that “accommodates the creation of Web 3-related infrastructure.” Additionally, he reaffirmed that the nation’s growth will be supported by Web3 by inventions connected to NFTs and the metaverse.

The statement comes after the publication of the Digital Japan 2022 white paper, which was released 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.

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