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SirWin

The Japanese Government rewards Local Authorities with NFTs

News
The Japanese Government rewards Local Authorities with NFTs

The Japanese government issued NFT rewards to seven mayors for their initiatives to improve the lives of the citizens in their regions of governance in the modern technology space. The NFTs were issued through the Ethereum network to the local authorities using the Proof of Attendance Protocol (POAP).

Japan’s Perpetual Interest Increase in NFTs

The Japanese administration now becomes one of the first governments to distribute NFTs as rewards to administrators who do commendable work of serving Japanese citizens. The Mayors came up with incredible ideas for using modern technology to overcome some problems faced in their Japanese jurisdiction. 

These government leaders portrayed high-level initiatives that they presented to the government to support technologies to help the citizens. As a result, they all received NFT prizes for coming up with ideas that would revolutionize the Japanese way of life as far as technology was concerned.

The Allocation Process

Among the seven mayors was Yamagata Prefecture’s Mayor Sakata. The mayor received Non-Fungible Tokens from the government after initiating the use of electric-driven vehicles to perform local deliveries in Japan. Mayor Maebashi of Gunma jurisdiction also received some of these digital assets. He and his administration recommended using Camera-installed mobile devices to help detect traffic changes and update the users in real-time on the traffic conditions and the best route to avoid traffic.

Even though these Mayors were awarded NFTs for their excellent work, the NFTs are a little different from the traditional NFTs known to enterprising crypto fans. These issued NFTs are developed in a way that makes them non-transferable in any network. They are designed for commemoration and award allocation only. The Japanese Non-Fungible Tokens were issued to the seven mayors through the Ethereum blockchain network, using POAP.

The seven Mayors received their tokens through the Indiesquare low-cost Ethereum blockchain program. This platform is the same one used to allocate NFTs in Liberia by the Liberian Democratic Party Youth Bureau to attendees of the political event.

The True Value of the Government-Issued Digital Merchandise

The government NFTs issued have no economic value to the receivers as they cannot be traded for Fiat or transferred in any NFT Marketplace. This property makes them extremely rare and valuable, especially to those who possess them. The fact that the government issues these NFTs also makes them unique and honorable to possess. The application has shown that NFTs may be used outside financial gains.

Japan is well known for its love for technology and applied computerization of machinery. The nation is one of the few countries where the governing administration has regulated cryptocurrencies as a separate trading asset class. One of the country’s senior leaders, the Prime Minister, has openly proclaimed his love for NFTs and their application in the past. 

The adoption of Non-Fungible Tokens by the Japanese government indicates that the recent issuance of NFTs as rewards could become the new norm in Japan. More of these could be seen later on in Japan and other countries looking to embrace crypto.