Japanese Village Banks on NFTs to Revitalize Aging Population and Foster Digital Citizens
Summary:
The remote Japanese village of Yamakoshi has gained 1,700 "digital citizens" through the sale of non-fungible tokens (NFTs) to support its aged population. The initiative, Neo-Yamakoshi Village project, has managed the Nishikigoi NFT collection, raising over $423,000 since its 2021 launch. Despite challenges like language barriers and difficulties explaining technology to the elderly, the project shows potential for both practical NFT adoption and a character-based, collectible items culture in Japan.
Tucked in the mountainous region of Niigata, Japan, the obscure settlement of Yamakoshi has gathered 1,700 "digital citizens" courtesy of non-fungible tokens (NFTs) sales. Established to aid its mature residents, the Neo-Yamakoshi Village project is overseen by local inhabitants, who control the Nishikigoi NFT assortment, named after a bright koi carp fish variant. As a digital asset, it not only distinguishes Yamakoshi's "digital citizens" but also serves as a governance token facilitating involvement in the DAO-managed voting processes of the community. Japanese consulting firm Yuri Group reported that since its 2021 inauguration, the project has garnered over $423,000 from Nishikigoi NFT transactions. The revenue has been funneled into community endeavors like arranging sports events for local students.
Physical occupants of Yamakoshi receive Nishikigoi tokens at no charge, while the digital community must buy them. The minimum price was at 0.0318 Ether (ETH) as of June 26, as per Magic Eden, the NFT marketplace. Regardless, NFTs alone provide no quick fix to Japan's consistently low birth rate. Yet, they constitute an original and experimental method of generating funds for elder populations in remote rural areas. If this approach is successful and adopted by other villages, Yuri Group anticipates a potential half a billion dollars fundraising for rural Japan and a new social tech wave that could draw global interest.
As reported by private sector association Population Strategy Council in April, declining birth rates put 40% of Japan’s 1,729 municipalities in danger of extinction. Yamakoshi's digital and physical citizens are welcome to its virtual town hall. The current government under Prime Minister Fumio Kishida sees Web3 as crucial for realizing "Society 5.0", a vision for a technologically advanced and sustainable society by blending AI, IoT, and Big Data. The Neo-Yamakoshi Village project received ten million yens (around $62,500) from the ruling Liberal Democratic Party for testing and employing Web3 tools. However, communicating the technology and its advantages to senior citizens has proven challenging.
Furthermore, Yuri Group reports lower voter turnout and difficulties in demonstrating the DAO voting method. Plus, international digital citizens have faced linguistic obstacles. Nevertheless, despite a recent decrease in NFT transactions globally, Yuri Group claims there's potential for both practical NFTs and profile collectible items in Japan. The "digital citizens" of Yamakoshi’s virtual universe are also fanatics of anime or cartoon-like avatars. This trend suggests that despite the significant influence of social impactful use cases, the lighthearted uses of the technology also have lasting appeal.
Published At
6/26/2024 2:29:04 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.