This is the first use of NFT by the Cabinet Secretariat East Asian island country.
The Japanese government is handing out non-fungible tokens as a supplementary award to local authorities that excelled in utilizing digital technology to solve local issues as well as fostering the digital economy.Cabinet Secretariat Bullish on NFTsfrom CoinPost, the tokens, which were distributed at the “Summer Digi Denkoshien 2022” ceremony, essentially represent “digital certificates” of achievement. The award ceremony was headed by Japan’s chief cabinet secretary Hirokazu Matsuno.
The tokens, for one, were issued on the Ethereum blockchain network but leveraged Proof of Attendance Protocol technology. POAP-style NFTs are mostly used at exclusive events and are usually minted on the xDai chain. The Secretariat’s NFTs cannot be traded on secondary markets. Tokyo-based crypto company bitFlyer Holdings provided tech support for the offering, in addition to IndieSquare, TREE Digital Studio, and Tomonari Kougei.Over the past year, several tech players in the country have started to warm up to the idea of NFTs and Web 3. One of the first Japanese banks to enter the NFT space was MUFG. SBI Group also launched a dedicated subsidiary called – SBINFTs.an NFT marketplace called Line NFT.
Kishida stated earlier that the government is looking to bring about institutional reforms to create an environment that “accommodates the creation of Web 3-related infrastructure.” He also affirmed that NFTs and metaverse-related innovations will fuel Web 3-powered growth for the country. The remark follows the creation of the Digital Japan 2022 white paper, presented by the Digital Society Promotion unit of the ruling Liberal Democratic Party earlier this year that touted the NFT sector as a growth engine of the Web 3 movement.
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