Japanese Government Rewards Local Authorities With Non-Transferable NFTs – Metaverse Bitcoin News
According to reports, the Japanese government is one of the first countries to use non-fungible tokens (NFTs) as an additional award to local governments that excelled in a digitization competition. The awards were given to local authorities in recognition of their efforts in using digital technology to solve local challenges.
Issuance and distribution of NFTs via a low-cost blockchain
In what has been described as a first for the Japanese government, the country’s Cabinet Secretariat recently used non-fungible tokens (NFTs) as an additional prize during a ceremony to recognize local governments that excelled in a digitization competition.
According to a Coinpost report, this year’s awards ceremony was supported by four tech companies: Indiesquare, Bitflyer Holdings, Tree Digital Studio and Tomonari Kogei. As mentioned in the report, Indiesquare’s low-cost blockchain platform, Hazama Base, was used to issue and distribute NFTs. Prior to this, the platform was similarly used to issue and distribute NFTs at an event held by the Liberal Democratic Party Youth Bureau.
Known as the 2022 Summer Digi Denkoshien, the award ceremony was held to honor and recognize local government initiatives that “use digital technology to solve local problems and improve their appeal.”
Non-transferable NFTs
However, while the tokens were issued on the Ethereum blockchain, the report says the NFTs had used the Proof of Attendance Protocol (POAP) technology. Such tokens are non-transferable but easy to use for commemoration and verification.
Meanwhile, another report has revealed that a total of 9 mayors had received the NFT awards. Among dignitaries attending the event was Japan’s Prime Minister Fumio Kishida.
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