Japanese mayor awarded NFT for outstanding use of digital technology

The Japanese government is issuing non-fungible tokens (NFTs) as supplementary rewards to local authorities that excel in using digital technology to solve local problems and promote the digital economy.

A total of seven mayors received NFT awards for various initiatives.

According to a CoinPost report, the tokens distributed at the “Summer Digi Denkoshien 2022” ceremony essentially represent “digital certificates” of achievement. The award ceremony was presided over by Hirokazu Matsuno, Chief Cabinet Secretary of Japan. Prime Minister Fumio Kishida also attended the meeting.

On the one hand, these tokens are issued on the Ethereum blockchain network, but utilize Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used for exclusive events and are usually minted on the xDai chain. Secretariat NFTs cannot be traded on the secondary market.

In addition to IndieSquare, TREE Digital Studio, and Tomonari Kougei, Tokyo-based crypto firm bitFlyer Holdings also provided technical support for the product.

Japan pushes NFTs and Web 3

Over the past year, several tech companies in the country have begun to warm up to the idea of ​​NFTs and Web 3. One of the first Japanese banks to enter the NFT space was MUFG. SBI Group has also launched a dedicated subsidiary called SBINFTs.

The country’s top social media outlet Line has also established an NFT marketplace called Line NFT. Thanks to a much-needed boost from the Prime Minister himself, the NFT market in the “land of the rising sun” has been surging.

Earlier, Kishida said the government was seeking institutional reforms to create an environment “accommodating the creation of Web 3-related infrastructure.” He also confirmed that NFTs and Metaverse-related innovations will drive Web 3-driven growth in the country.

The comments follow the creation of the Digital Japan 2022 white paper proposed earlier this year by the ruling Liberal Democratic Party’s digital society promotion department, which touted the NFT sector as a growth engine for the Web 3 movement.

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