Non-fungible tokens (NFTs) are back in news headlines, again gaining mainstream adoption among investors, institutions, and governments. The Japanese government is the latest monetary authority to recognize and adopt NFTs to reward its member staff.
Japanese Government Adopts NFTs For Reward
Earlier this week, the Japanese government prepared an annual ceremony, “Summer Digi Denkoshien 2022,” that brought together top government agencies, cabinet secretariats, and the nation’s chief cabinet secretary, Hirokazu Matsuno. The country’s Prime Minister, Fumio Kishida, also attended the event.
During the event, the Japanese government recognized the relentless efforts of seven mayors for their innovations and ideas centered on the digital economy for their cities. The government acknowledged and congratulated the efforts of Yamagata Prefecture, the mayor of Sakata, whose administration recently suggested adopting electric vehicles for local deliveries.
The Japanese government issued NFT awards to all seven mayors for various initiatives they undertook to ease the lives of the public in their respective regions. The government also rewarded Maebashi in the Gunma Prefecture for their idea of a platform that uses mobile device cameras to track traffic conditions changes in real-time.
Japan authorities issued NFTs using the proof-of-attendance protocol (POAP). Although the issued NFTs are naturally non-transferable, they were developed uniquely to make them suitable for commemoration. These NFTs can only be traded on primary markets.
Japan’s NFTs Regulatory Framework
Japan is renowned as a pro-technology, crypto-friendly country, where the government has regulated crypto as a trading asset. On several occasions, the country’s prime minister showcased an interest in NFTs. Therefore, the recent use case signifies that the government could make NFTs a reward tradition.
The NFT market gained massive traction last year during the peak of the crypto market, which left many digital assets reaching their all-time highs. Since then, the NFT market has seen a steep decline amid the current general crypto meltdown that has attracted many digital assets to shed more than 70% of their floor prices.
But interestingly, the NFT market seems to be retesting an upside momentum in the past few weeks. Despite many pundits dismissing NFTs as bull run-fueled mania, the recent adoption in Japan showcases that NFTs have gone far beyond their anticipated potential market.
Elsewhere, Tamadoge, a non-fungible token (NFT) and metaverse-related platform, has also seen increased adoption in the past few weeks. Tamadoge has already raised more than $14 million from its token presale, with less than 20% of its tokens now left.
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