ITSMYNE

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 &#34;Summer Digi Denkoshien 2022&#34; ceremony, the awards were presented by the Cabinet Secretariat, a government organization run by the country&#39;s Chief Cabinet Secretary Hirokazu Matsuno. Fumio Kishida, the nation&#39;s prime minister, also attended the event.The initiatives of seven mayors&#39; cities focused on the digital economy were honored. One of them was the mayor of Sakata, Yamagata Prefecture, whose government proposed deploying electric vehicles for local deliveries. The Gunma Prefecture&#39;s Maebashi team won an NFT prize for their concept for a platform that would use cameras on mobile devices to track changes in traffic conditions in real-time.The same platform, Hazama Base, that was previously used to distribute NFTs during an event hosted by the Liberal Democratic Party Youth Bureau, was utilized to issue the Ethereum-based proof-of-attendance (POAP) NFTs. Because these assets are non-transferable, they cannot be sold on the secondary market.The government of Japan, which is renowned for being pro-technology and progressive, has regulated cryptocurrencies as a trading instrument. The nation&#39;s prime leader has already expressed interest in using NFTs on numerous occasions. As a result, the recent government initiative might be continued as a tradition.About us:NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello&#64;itsmyne.club.We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.

Japan's government issues NFTs to recognize the efforts of local authorities

Itsmyne

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