First country to use Non-Fungible Tokens (NFTs) as subsidized prizes for outstanding local governments. This award was given to local governments in recognition of their efforts to solve local issues using digital technology.
Issuance and distribution of NFTs via low-cost blockchain
In what is believed to be a first for the Japanese government, the country’s Cabinet Secretariat has recently Tokens (NFTs) were presented as a supplementary prize at a ceremony to commend excellent municipalities in the digitalization competition.
Coinpost reportedthat this year’s awards ceremony was supported by his four technology companies: Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei. As noted in the report, Indiesquare’s low-cost blockchain platform, Hazama Base, was used to issue and distribute the NFTs. Prior to this, NFTs were similarly issued and distributed at an event hosted by the Liberal Democratic Party Youth Bureau.
Known as the 2022 Summer Dejiden Koshien, the awards ceremony was held to honor local government initiatives that “use digital technology to solve local challenges and improve their attractiveness.” was held.
His non-transferable NFT
tokens were issued on the Ethereum blockchain, but reports indicate that the NFT It is stated that proof was used. of Attendance Protocol (POAP) technology. Such tokens are not transferable, but can be easily used for commemoration and verification.
Meanwhile, another report revealed that a total of nine mayors had won his NFT award. Among the dignitaries attending the event was Japanese Prime Minister Fumio Kishida.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Gints Ivuskans / Shutterstock.com