This is the first usage of NFT by an East Asian island nation’s Cabinet Secretariat.
Non-fungible tokens (NFTs) are being distributed as a supplemental prize by the Japanese government to local governments that have succeeded in applying digital technology to address local concerns and promote the digital economy.
According to CoinPost’s story, the tokens presented during the “Summer Digi Denkoshien 2022” event symbolize “digital certificates” of accomplishment. The award ceremony was led by Hirokazu Matsuno, the top cabinet secretary of Japan. Fumio Kishida, the country’s prime minister, was also there.
Proof of Attendance Protocol (POAP) technology was used to issue the tokens on the Ethereum blockchain network. POAP-style NFTs are mostly utilized for special events and are often issued on the xDai blockchain. The NFTs issued by the Secretariat cannot be traded on secondary markets.
In addition to IndieSquare, TREE Digital Studio, and Tomonari Kougei, Tokyo-based crypto firm bitFlyer Holdings offered technical assistance for the offering.
Over the last year, a growing number of IT companies in the United States have begun to embrace NFTs and Web 3. MUFG was one of the first Japanese banks to join the NFT market. Additionally, SBI Group developed a specialized subsidiary known as SBINFTs.
Line, the most popular social networking platform in the nation, has launched an NFT marketplace named Line NFT. The NFT market in the “country of the rising sun” has been surging thanks to the much-needed push from the Prime Minister himself.
Kishida previously claimed that the government intends to implement institutional changes so as to “facilitate the development of Web 3-related infrastructure.” He also said that NFTs and metaverse-related inventions would fuel the country’s Web 3-driven development.
The statement follows the establishment of the Digital Japan 2022 white paper, which was issued earlier this year by the Digital Society Promotion section of the governing Liberal Democratic Party and promoted the NFT sector as the Web 3 movement’s growth engine.
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