According to reports, the Japanese government is one of the first governments to award non-fungible tokens (NFTs) to local governments that excelled in a digitization competition as an additional prize. Local governments received the honors as a thank you for their efforts in utilizing digital technology to address local issues.
Issuing and Distributing NFTs via a Low-Cost Blockchain
The cabinet secretariat of Japan recently awarded non-fungible tokens (NFTs) as an additional prize at a ceremony to honor local governments that excelled in a digitization competition, marking what has been called a first for the Japanese government.
In accordance with a Coinpost report, Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei provided financial support for this year’s award ceremony. As mentioned in the report, the NFTs were issued and distributed using Indiesquare’s inexpensive blockchain platform, the Hazama Base. Earlier, at a gathering hosted by the Liberal Democratic Party Youth Bureau, the platform had been used in a similar way to print and distribute NFTs.
Known as the 2022 Summer Digi Denkoshien, the award ceremony was held to honor and recognize initiatives by local authorities that “utilize digital technology to solve local issues and improve their appeal.”
Non-Transferable NFTs
Despite the fact that the tokens were created on the Ethereum blockchain, the report claims that Proof of Attendance Protocol (POAP) technology was used by NFTs. Although these tokens cannot be transferred, they are simple to use for verification and remembrance.
Nine mayors in total received the NFT awards, according to another report. Fumio Kishida, the prime minister of Japan, was one of the dignitaries present at the occasion.
