Japan: NFTs as prizes for mayors

Prime Minister Kishida, in charge of the Japanese government since October last year, seems to be projecting his economic development plan primarily on the use and development of the vast potential of Web 3.0.

Minister Kishida’s vision is referred to as “New Capitalism.” The politician has even pledged to double household wealth and is studying various incentives to reinvigorate the country’s economy, including through the world of cryptocurrencies.

NFTs for those who support blockchain in Japan

Prime Minister Kishida has decided to gift POAP NFT to all mayors who, through their actions, support the growth and spread of new technologies in the country.

The PMs, therefore, must commit themselves to use, or rather, harness the extraordinary potential of blockchain technology.

After all, it is important to remember that the exciting blockchain technology has endless applications.

The contexts in which it can be exploited are many, even though it has been used primarily in fintech contexts so far. This in no way precludes its other thousand potential applications.

All of this is absolutely a great sign for the Web 3.0 world that it is finally getting all the attention it deserves, after years of popularization and hard work to make it a more user-friendly alternative.

Returning to the news of the day, it is worth pointing out that the blockchain of choice was the Ethereum blockchain.

The first citizens were honored at the Summer Digi Denkoshien 2022 by Hirokazu Matsuno and Fumio Kishida, Japan’s Chief Cabinet Secretary and Prime Minister, respectively.

The tokens under consideration take on a high symbolic value, as awards issued by the highest administrative bodies of the state, and consequently cannot be reintroduced on the market. 

These NFTs represent great recognition for mayors who have demonstrated virtuous use of blockchain in administering the territories under their jurisdiction. An unprecedented event.

What are POAP NFTs

This section will discuss the main features of this Web 3.0 tool, discovering the peculiarities of POAPs.

POAP is the acronym for Proof of Attendance Protocol. These are actual NFTs that are distributed to people attending fintech events. Hence, they are digital certificates that take the place of old and boring badges.

POAPs are, for all intents and purposes, certificates of participation in a virtual or physical event. 

Technically speaking however, POAPs are Ethereum-based ERC-721 tokens.

A POAP is a digital remembrance on the blockchain.

Moreover, these are fully owned by those who earn them as certificates of participation, but they can be traded and sold while keeping the original owner traceable at all times.