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Japan uses NFTs to award local authorities for exceptional service

Japan_uses_NFTs_to_award_local_authorities_for_exceptional_service

Seven Japanese mayors got awards for the great things they had done since taking office. The awards were given out in the form of non-fungible tokens (NFTs), which were mostly given to government officials for helping to grow the digital economies of their cities.

According to a Coinpost story, the NFTs were Ethereum-based Proof of Attendance Protocol (POAP) NFTs issued through Hazama base, a platform that has previously been used by Japanese political parties. The NFTs are of the non-transferrable variety because they cannot be sold again on the secondary market.

At the “Summer Digi Denkoshien 2022” event, the awards were given out by the Cabinet Secretariat under the direction of Chief Cabinet Secretary Hirokazu Matsuno. Prime Minister Fumio Kishida was among the high-ranking members of the Japanese government that attended the event.

The mayor of Maebashi of Gunma Prefecture was recognized for advocating the use of cameras to track changes in traffic conditions in urban areas, while the mayor of Sakata in Yamagata Prefecture was honored for his government’s participation in suggesting the use of electric cars for local deliveries.

Local tech firms like Tree Digital Studio, Tomonari Kogei, Bitflyer Holdings, and Indiesquare supported the event. With the hope that the trend continues until 2023, The award ceremony marked the first time the country’s administrators will use distributed ledger technology to reward performing officials.

The way Japan feels about distributed ledger technology is good

One of the top nations embracing Web 3.0 is Japan. Its prime minister, several senior government officials, and a tech-savvy populace support the adoption of the technology.

Prime Minister Kishida said that Web 3.0 projects would be a big part of the country’s plan to improve its digital economy. He also said that if the country wants to reach its goals, it needs to change the way it taxes and regulates digital assets so that it can compete globally.

Kishida says that his government will “boldly review systems and regulations that don’t match the progress of technology.” A white paper from the Liberal Democratic Party suggests that NFTs and the metaverse will be important to the country’s drive.

Kishida’s comments show that his government is willing to work with the private sector, both in Japan and around the world.

Even though the number of NFT transactions has gone down in the last two quarters, the fact that Japanese administrators used them in an award ceremony shows that they can be used for more than just business.

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