Japanese mayors awarded with NFTs for excellent use of digital technology

The Japanese government is awarding non-fungible tokens (NFTs) as an additional award to local governments that excelled 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 measures.

According to the report by CoinPost, the tokens, which were handed out at the “Summer Digi Denkoshien 2022” ceremony, essentially represent “digital certificates” of achievement. The award ceremony was presided over by Japan’s Prime Minister Hirokazu Matsuno. The country’s prime minister, Fumio Kishida, was also present.

The tokens were initially issued on the Ethereum blockchain network, but utilized Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used at exclusive events and are usually minted on the xDai chain. The Secretariat’s NFTs cannot be traded on secondary markets.

Tokyo-based crypto company bitFlyer Holdings provided technical support for the offering, in addition to IndieSquare, TREE Digital Studio and Tomonari Kougei.

Japan pushes for NFTs and Web 3

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

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

Kishida previously stated that the government wants to bring about institutional reforms to create an environment that “encourages the establishment of Web 3-related infrastructure.” He also affirmed that NFTs and metaverse-related innovations will drive Web 3-driven growth for the country.

The remark follows the creation of the Digital Japan 2022 white paper, presented by the Digital Society Promotion unit of the ruling Liberal Democratic Party earlier this year, which touted the NFT sector as a growth engine for the Web 3 movement.