Japan’s cabinet has passed out non-fungible token (NFT) awards – inside a new first for that nation’s government.
The tokens were given to the neighborhood government authority winners of the nationwide digitization competition and represent “digital certificates” of feat, CoinPost reported.
The awards were handed by the Cabinet Secretariat, a government agency that it is headed through the nation’s Chief Cabinet Secretary Hirokazu Matsuno, in an event that saw the kind of Pm Fumio Kishida attend.
The tokens were issued around the Ethereum blockchain network, but utilized Evidence of Attendance Protocol (POAP) technology. Typically, POAP-type NFTs are utilized at exclusive occasions and therefore are usually minted around the xDai chain. Which means that the Secretariat’s NFTs can’t be traded on secondary markets.
Numerous Japanese startups provided technological support for that offering, such as the leading domestic crypto exchange bitFlyer.
Liberal Democratic Party has minted and awarded NFTs although not the federal government, so far
The press outlet noted that numerous similar NFTs were also minted and awarded in May this season in a meeting from the youth wing from the ruling Liberal Democratic Party (LDP). However, this newer issuance marks an initial for the reason that the awarding party was the federal government itself, instead of an kind from the LDP.
As a whole, seven mayors received awards for his or her government’s digital economy-themed proposals.
Included in this are the Mayor of Sakata, in Yamagata Prefecture, whose government suggested making used of electrical vehicles for local deliveries. Maebashi, Gunma Prefecture, also received an NFT award for proposing a platform that utilizes cell phone cameras to identify real-time changes to traffic conditions.
Kishida has designated NFTs for special mention on numerous occasions this season. The PM is convinced that NFTs and metaverse-related innovations will spark Web3-powered growth for Japan – and it has promised to assist startups within their tries to expand by reforming restrictive tax laws and regulations. It has brought regulators to follow and recommend tax code changes.
