- NFTs will be given out by the Japanese government to local authorities as an additional prize.
- Using the affordable blockchain technology from Indiesquare called the Hazama Base, NFTs were issued and distributed.
- Similar NFT printing and distribution techniques had been used earlier at a rally organized by the Liberal Democratic Party Youth Bureau.
The Japanese government was one of the first to distribute 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 led by the country’s chief cabinet secretary Hirokazu Matsuno. Fumio Kishida, the nation’s prime minister, also attended the event, according to Coinpost.
As per a Coinpost report, Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei provided financial assistance for this year’s award presentation. As mentioned in the study, the NFTs were issued and distributed using Indiesquare’s inexpensive blockchain technology, the Hazama Base.
Earlier, at a gathering hosted by the Liberal Democratic Party Youth Bureau, the platform had been utilized in a similar way to print and distribute NFTs.
The award event called the 2022 Summer Digi Denkoshien, honored and acknowledged local government efforts that “use digital technology to solve local challenges and boost their appeal.”
The proof of attendance protocol was utilized to issue the NFTs on the Ethereum blockchain (POAP). The issued NFTs have been designed to be suited for memorials 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.
Nine mayors in total got the NFT prizes, according to another report. Fumio Kishida, the prime minister of Japan, was one of the dignitaries present at the occasion.
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. Initiatives launched by the Japanese government show how the emerging technology is being adopted outside of the market, despite many experts dismissing NFTs as a bull run-fueled craze.