According to sources, the Japanese government is one of the first governments to grant non-fungible tokens (NFTs) to local governments that excelled in a digitalization competition as an additional prize. Local governments received the honours as a thank you for their efforts in utilising digital technology to address local issues.
NFTs are issued and distributed using a low-cost blockchain
Non-fungible tokens (NFTs) were recently used by Japan's cabinet secretariat as an additional award during a ceremony to honour local governments that excelled in a digitalization competition, marking what has been called a first for the nation.
In accordance with a Coinpost report, Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei provided financial assistance for this year's award presentation. As mentioned in the study, the NFTs were issued and distributed using Indiesquare's inexpensive blockchain technology, the Hazama Base. Earlier, at a gathering hosted by the Liberal Democratic Party Youth Bureau, the platform had been utilised in a similar way to print and distribute NFTs.
The award event, called the 2022 Summer Digi Denkoshien, honoured and acknowledged local government efforts that "use digital technology to solve local challenges and boost their appeal."
Non-Transferable NFTs
While the tokens were issued on the Ethereum blockchain, the report, however, states 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 the dignitaries that attended the event was Japanese Prime Minister Fumio Kishida.
