Japanese government rewards local authorities with non-transferable NFTs – Metaverse Bitcoin News

According to reports, the Japanese government is one of the first countries to reward local authorities who have excelled in the digitization competition. The awards recognize local authorities for their efforts to use digital technology to solve local challenges.

Issuing and distributing NFTs at a low cost on the blockchain.

In what was described as a first for the Japanese government, the country’s Cabinet Secretariat recently used non-perishable tokens (NFTs) as additional prizes at a ceremony to recognize local governments that excelled in a digitization competition.

According to Coinpost, this year’s awards ceremony is sponsored by four technology companies, namely Indisquar, BitFlyer Holdings, Tri Digital Studio and Tomonari Kogei. As noted in the report, Insquare’s low-cost blockchain platform, Hazama Base, was used to mine and distribute NFTs. Previously, the platform was similarly used to issue and distribute NFTs at an event held by the Youth Bureau of the Liberal Democratic Party.

The award ceremony, known as the 2022 Summer Digi Denkoshien, was held to honor and recognize local authorities who “use digital technology to address environmental issues and improve their attractiveness”.

Non-transferable NFTs

While the tokens are issued on the Ethereum blockchain, the report uses the NFTs Presence Protocol (POAP) technology. Such symbols are not transferable but are easy to use for remembrance and confirmation.

Meanwhile, another report revealed that a total of 9 mayors have received NFT awards. Among the dignitaries present at the event was the Prime Minister of Japan, Fumio Kishida.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively about the economic woes of some African countries and how digital currencies offer Africans an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons, Gints Ivuskans / Shutterstock.com

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