The NFT awards were given to a total of seven mayors for their diverse efforts to improve the quality of life for local residents.
The Japanese government was one of the first to distribute nonfungible tokens (NFTs) as an additional reward for local authorities who had demonstrated excellence in utilizing digital technology to address local problems.
During the “Summer Digi Denkoshien 2022” ceremony, the awards were presented by the Cabinet Secretariat, a government organization run by the country’s Chief Cabinet Secretary Hirokazu Matsuno. Fumio Kishida, the nation’s prime minister, also attended the event, according to Coinpost.
Seven mayors were honored for the initiatives they took in their cities to promote the digital economy. They included the mayor of Sakata, Yamagata Prefecture, whose government advocated the use of electric vehicles for local delivery. Maebashi in the Gunma Prefecture was also awarded an NFT Award for their concept for a platform that makes use of mobile device cameras to track changes in traffic conditions in real-time.
The Ethereum blockchain’s proof-of-attendance protocol was used to issue the NFTs (POAP). The issued NFTs have been designed to be suited for memorial and are non-transferable. These NFTs cannot be traded on the secondary market since they are non-transferable.
The Hazama Base, a low-cost blockchain platform from Indiesquare, was used to issue the NFTs. NFTs were issued and distributed previously on the same platform during a Liberal Democratic Party Youth Bureau event.
The government of Japan, which is renowned for being pro-technology and progressive, has regulated cryptocurrencies as a trade instrument. The nation’s prime leader has already expressed interest in using NFTs on a number of times. As a result, the recent government initiative might be continued as a tradition.
NFTs were very popular during the height of the bull run, but since the crypto market has experienced a fall, so has consumer interest in NFTs. The Japanese government’s efforts to spotlight the adoption of the emerging technology beyond market boundaries have been met with criticism from pundits who have dismissed NFTs as a bull run-fueled craze.