Japan’s radical transformation of its digital economy has received a jolt following the comments of the country’s Prime Minister Fumio Kishida. In a speech, the head of the Japanese government disclosed the new strategy as one that will rely primarily on non-fungible tokens (NFTs) and the metaverse.
The Prime Minister’s speech was given before the Japanese National Diet, made up of a bicameral parliament, where he indicated that steps have already been taken to bring the government’s goal to reality.
Kishida noted that in the coming months, national identity cards will be digitized using distributed ledger technology (DLT), while local governments across the country will be given oversight functions to find new use cases for the technology in their jurisdictions. He confirmed that his government will support private enterprise in the digital assets industry and “promote efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs.”
As proof of the government’s commitment to exploring Web 3 technology, it turned to NFTs to reward seven mayors with a proven track record of improving the digital economies of their cities. The NFTs were issued on the Ethereum network, leveraging the Proof of Attendance Protocol (POAP), with Prime Minister Kishida attending the award ceremony.