Nfts
Japanese village adopts NFT for community development
The village of Yamakoshi in the Niigata Mountains of Japan has found a new way to finance its development through the use of non-fungible tokens (NFTs). Launched in 2021, the Neo-Yamakoshi Village project attracted 1,700 “digital citizens” who purchased Nishikigoi NFTs, collecting over 3,000.
Digital assets are the credentials and governance tokens that allow people to participate in decision-making based on village Distributed Autonomous Organization (DAO) procedures to give voters a say in community outcomes .
Yamakoshi, a remote Japanese village nestled in the Niigata Mountains, has attracted 1,700 “digital citizens” through the sale of NFTs as part of an initiative to support and support its aging population.
This digital asset is both an identifier for Yamakoshi’s “digital…”. pic.twitter.com/FmCNcJ2xe9
– Matthew Sigel, recovering the DWI (@matthew_sigel) June 26, 2024
Profits from NFT sales have been set aside for various community projects, starting with sports activities for schoolchildren. The Neo-Yamakoshi Village project faces challenges: elderly residents need help with technology and communication barriers exist due to its international scope.
Low turnout in DAO elections highlights early barriers to integrating digital governance frameworks into traditional community contexts. The Yamakoshi Project received support from the Japanese government to expand the area of effect, which can serve as a model for other municipalities in Japan,
Global NFT markets have seen a slowdown as trading volumes have declined significantly, with the second quarter of 2024 expected to close 45% lower than previous periods. Observers have pointed out that Japan particularly has a tradition of token collecting, meaning the business case for NFTs can remain strong.
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