Japanese Village Uses NFTs to Support Aging Population

Yamakoshi village leverages NFTs to attract digital citizens and fund community initiatives for its elderly residents.
Japanese Village Uses NFTs to Support Aging Population

Yamakoshi, a secluded village in Japan's Niigata mountains, has adopted an innovative approach to support its aging population by selling non-fungible tokens (NFTs). The Neo-Yamakoshi Village project, led by local residents, manages the Nishikigoi NFT collection named after the vibrant koi carp breed. These NFTs serve as both digital identifiers and governance tokens for the village's decentralized autonomous organization (DAO), enabling holders to participate in community decisions.

Since its launch in 2021, the project has raised over $423,000, funding initiatives such as sports events for local school children. Physical residents receive the Nishikigoi tokens for free, while digital citizens purchase them, with a current floor price of 0.0318 Ether. Despite challenges in explaining the technology to older adults and low voter turnout in DAO processes, the project has drawn significant attention. It aligns with Prime Minister Fumio Kishida's vision for a sustainable "Society 5.0" through Web3 technologies.

As the village continues to bridge the gap between traditional community support and modern technology, the Neo-Yamakoshi project exemplifies how NFTs can have practical, socially impactful uses.

Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.

Crypto Insider News Inc