NFTs Boost Community Growth in Japanese Village

Published at: July 02, 2024

NFTs for Community Growth in Japanese Village


Representing a village nestled in the mountains of Japan's Niigata, non-fungible tokens have discovered a different way of funding its growth. Yamakoshi initiated the 'Neo-Yamakoshi Village project' in 2021. So far, it has drawn in 1,700 "digital citizens" who buy Nishikigoi NFTs; this has earned over $3,000.

Digital Assets for Village Decisions


It involves digital assets that are, at the same time, identification and governance tokens, giving purchasers a say in village decisions through some setup called a decentralized autonomous organization, or DAO. This way, it gives a voice to the voters concerning the village's future.

Funding Community Projects


The digital money from the sale of NFTs is invested in various community projects so that sports activities for schoolchildren can start. Of course, there are also many challenges to the project: the integration of older residents who may need help with the required technology, and the project linguistically faces problems due to international participants.

Digital Governance Challenges


Low voter turnout in DAO elections showcases the difficulties in blending digital governance with traditional community settings. However, the government of Japan is behind the project, and it aims to expand its scale with an eye on becoming a model for other towns within Japan.

NFT Market in Japan


Although globally, volumes of NFT trading are down, the culture of collecting tokens might see the NFT market still thriving in Japan. Observers note that, despite a fall in global interest, there is a strong business case for NFTs in Japan.

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Shubham Sahu
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