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.
The Neo-Yamakoshi Village project, led by local residents, manages the Nishikigoi NFT collection, which is named after the vibrant breed of koi carp.
This digital asset is both an identifier for Yamakoshi’s “digital citizens” and a governance token enabling participation in the village’s DAO-managed voting processes.
According to a new report by Japanese research and consulting firm Yuri Group, the project has raised over $423,000 through Nishikigoi NFT sales since its launch in 2021.
The proceeds have been directed toward community initiatives, such as organizing a sports day for local school children.
Yamakoshi village population. Source: Yuri Group
The Nishikigoi tokens are free to physically located residents, while the digital community must purchase them. The floor price is 0.0318 Ether (ETH) as of June 26, according to NFT marketplace Magic Eden.
Related: Captain Tsubasa NFT soccer game debuts on Oasys blockchain
NFT technology alone does not present an immediate solution to Japan’s record-low birth rate, but it is a unique and experimental approach to raising funds for aging populations in isolated rural communities.
“If their strategy works and expands to other villages, we estimate that rural Japan could look to fund-raise sums in the region of half a billion dollars while also test-driving a new wave of social tech with global appeal,” Yuri Group said in its report.
In April, private sector group Population Strategy Council reported that 40% of Japan’s 1,729 municipalities are at risk of disappearing due to fewer births.
Yamakoshi’s virtual town hall is open to physical and digital citizens. Source: Yuri Group
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