NFT
Japanese Government Rewards Local Authorities with Non-Transferable NFTs
According to reports, the Japanese government is one of the first countries to use non-fungible tokens (NFTs) as a supplementary award to local authorities that excelled in a digitization competition. These awards were presented to local authorities to recognize their efforts in using technology to solve local problems.
Issuing and Distributing NFTs via a Low-Cost Blockchain
In what has been called a first for Japan’s government, the cabinet secretariat used non-fungible tokens as a supplementary prize in a ceremony to honor local governments that have excelled at a digitization contest.
According to a Coinpost report, this year’s award ceremony was supported by four technology companies: Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei. The report reveals that Indiesquare’s low cost blockchain platform, Hazama Base was used to distribute and issue the NFTs. The platform was previously used to distribute NFTs at an event hosted by the Liberal Democratic Party Youth Bureau.
Known as the 2022 Summer Digi Denkoshien, the award ceremony was held to honor and recognize initiatives by local authorities that “utilize digital technology to solve local issues and improve their appeal.”
Non-Transferable NFTs
Although the tokens were issued using the Ethereum blockchain, the report states that the NFTs used the Proof of Attendance Protocol technology (POAP). These tokens cannot be transferred, but they can be used for verification and commemoration.
Meanwhile, another report has revealed that a total of 9 mayors had received the NFT awards. Fumio Kishhida, the Japanese Prime Minister, was one of the dignitaries who attended the event.
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Terence Zimwara
Terence Zimwara, a Zimbabwean journalist, author, and writer has been awarded the Zimbabwe Journalism Award. He has written extensively on the economic problems of certain African countries and how digital currencies can offer an escape route for them.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Gints Ivuskans / Shutterstock.com
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