In keeping with stories, the Japanese authorities is among the first international locations to make use of non-fungible tokens (NFTs) as a supplementary award to native authorities that excelled in a digitization competitors. The awards got to native authorities as recognition for his or her efforts in utilizing digital expertise to unravel native challenges.
Issuing and Distributing NFTs by way of a Low-Price Blockchain
In what has been described as a primary for the Japanese authorities, the nation’s cupboard secretariat not too long ago used non-fungible tokens (NFTs) as a supplementary prize throughout a ceremony to acknowledge native governments that excelled in a digitization competitors.
In keeping with a Coinpost report, this 12 months’s award ceremony was supported by 4 expertise firms: Indiesquare, Bitflyer Holdings, Tree Digital Studio, and Tomonari Kogei. As famous in the report, Indiesquare’s low-cost blockchain platform, the Hazama Base, was used to concern and distribute the NFTs. Earlier than this, the platform was equally used to concern and distribute NFTs at an occasion held by the Liberal Democratic Get together Youth Bureau.
Generally known as the 2022 Summer season Digi Denkoshien, the award ceremony was held to honor and acknowledge initiatives by native authorities that “make the most of digital expertise to unravel native points and enhance their enchantment.”
Non-Transferable NFTs
Whereas the tokens have been issued on the Ethereum blockchain, the report, nevertheless, states the NFTs had used the Proof of Attendance Protocol (POAP) expertise. Such tokens are non-transferable however simple to make use of for commemoration and verification.
In the meantime, one other report has revealed {that a} whole of 9 mayors had acquired the NFT awards. Among the many dignitaries that attended the occasion was Japanese Prime Minister Fumio Kishida.
What are your ideas on this story? Tell us what you suppose in the feedback part under.
Earlier article
Thai Regulator Accuses Digital Asset Service Supplier of Failing to Comply With Data Request – Matter Referred to Regulation Enforcement
Subsequent article
Europol Sees Instruments to Sort out Crime in Cryptocurrency and Blockchain Applied sciences
Extra Well-liked Information
In Case You Missed It
Draft Regulation Regulating Features of Crypto Taxation Submitted to Russian Parliament
A invoice updating Russia’s tax legislation to include provisions pertaining to cryptocurrencies has been filed with the State Duma, the decrease home of parliament. The laws is tailor-made to manage the taxation of gross sales and income in the nation’s market … learn extra.
At this time’s High Ethereum and Bitcoin Mining Units Proceed to Rake in Income
SEC Dangers Violating Admin Process Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Argentinian Securities Regulator Launches Innovation Hub to Focus on Regulated Crypto Investments
Invoice ‘On Digital Forex’ Caps Crypto Investments for Russians, Opens Door for Funds
