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Japanese Village Utilizes NFTs to Support Ageing Population

According to the Yuri Group, Yamakoshi village’s experimental NFT strategy could attract attention from other nations facing declining birth rates. Yamakoshi, a secluded Japanese village nestled in the Niigata mountains, has attracted 1,700 “digital citizens” through the sale of non-fungible tokens (NFTs) in an initiative aimed at supporting and sustaining its aging population. This innovative approach leverages the global interest in digital assets to address local demographic challenges.

Japanese Village Utilizes NFTs to Support Ageing Population

The Neo-Yamakoshi Village project, led by local residents, manages the Nishikigoi NFT collection, named after the vibrant breed of koi carp that is symbolic of the region. These digital assets serve multiple purposes. They act as identifiers for Yamakoshi’s “digital citizens,” who are part of a global community supporting the village. Additionally, these NFTs function as governance tokens, allowing holders to participate in the village’s decentralised autonomous organisation (DAO)-managed voting processes. This enables digital citizens to have a say in various local initiatives and decisions, fostering a sense of community and shared responsibility.

A new report by the Japanese research and consulting firm Yuri Group reveals that the project has raised over $423,000 through Nishikigoi NFT sales since its launch in 2021. The proceeds from these sales have been directed toward various community initiatives. For instance, the funds have been used to organise a sports day for local schoolchildren, providing them with opportunities for physical activity and social interaction. This not only benefits the children but also helps to foster a sense of community and continuity in the village.

The success of the Neo-Yamakoshi Village project illustrates the potential of combining traditional community values with modern digital technologies. By attracting digital citizens from around the world, Yamakoshi has found a novel way to support its aging population and ensure the village’s sustainability. This approach could serve as a model for other rural areas facing similar demographic challenges, highlighting the potential for NFTs and decentralised governance to make a tangible impact on local communities.


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