- Seven different mayors with NFT have been honored for their efforts.
- Fumio Kishida, Prime Minister of Japan, was also present at the event.
The Japanese government is rewarding local authorities who have demonstrated exceptional progress in using digital technology to address local concerns and advance the digital economy, with the use of non-fungible tokens (NFTs). Seven different mayors with NFT have been honored for their efforts.
The tokens represent “digital certificates” of success and were distributed during the “Summer Digi Denkoshien 2022” event. Japanese Prime Minister and Chief Cabinet Secretary Hirokazu Matsuno presided over the event.
Tokens, for example, use the extension Proof of attendance protocol (POAP) to check a user’s physical presence at an event, but released on the Ethereum blockchain. The xDai blockchain is the most popular platform for a POAP-style NFT instrument, which is mostly used for private events. There is no secondary market for Secretariat NFTs.
Growing adoption of NFT
Aside from IndieSquare, TREE Digital Studio and Tomonari Kougei, Tokyo-based bitFlyer Holdings contributed technical assistance for the show.
Several major IT companies in the country have shown signs of interest in NFTs and Web3 over the past twelve months. MUFG was among the leading Japanese financial institutions providing NFT services. The SBI Group has created a separate company called SBINFTs.
With the help of the PM’s personal push, the NFT market boomed in the “Land of the Rising Sun”, and the country’s major social media platform, Line, launched the NFT marketplace named Line NFT.
As Kishida has already mentioned, the government is looking to implement institutional reforms to create an environment that “accommodates the creation of Web3-related infrastructure,” and he has also emphasized that NFT technologies and metaverse-related innovations will support Web3’s growth for the country.
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