The Japanese village of Yamakoshi is taking a unique approach to address its aging population issue by utilizing non-fungible tokens (NFTs). Through the creation of the Nishikigoi NFT collection, named after a koi carp breed native to the region, the village has been able to raise awareness of the problem and raise nearly $423,000 in funds. This initiative has attracted over 1,700 digital citizens, with the goal of increasing the village’s population from 740 to over 10,000 by leveraging digital collectibles.
The funds generated from the Nishikigoi NFT collection have been channeled towards supporting older citizens in the village and funding various community initiatives. One notable example is the sponsorship of a sports day for school pupils, with plans to expand the initiative to include support for public utilities. The village offers free access to the Nishikigoi tokens for its permanent residents, while individuals seeking digital citizenship can purchase them at a floor price of 0.0318 ETH.
While using NFTs to raise funds for an aging population is a novel strategy, it shows promise for addressing the issue in rural Japan. According to a report from Yuri Group, the Yamakoshi experiment could potentially generate up to $500 million for the cause if successful, with the potential to expand to other municipalities. This could lead to rural Japan raising significant sums while pioneering a new wave of social tech that has global appeal.
Japan has long grappled with the challenges of an aging population, brought on by low birth rates and high life expectancy levels. Over 800 municipalities in Japan are at risk of disappearing due to population imbalances, making initiatives like the Nishikigoi NFT collection crucial for sustaining these communities. Despite challenges such as language barriers for foreign digital citizens and voter apathy, the project demonstrates the potential of leveraging emerging technologies to address pressing societal issues.
Prior to the mainstream adoption of NFTs in 2021, Japan had already begun exploring their use in various applications. Prime Minister Fumio Kishida included NFTs in the country’s digital transformation strategy, with plans to use digital collectibles as rewards for top-performing mayors. The government has provided funding to promote the expansion of Web 3.0 services, driving private companies like Mitsubishi UFJ Financial Group and SBI to delve into NFTs as well. This growing interest in NFTs reflects Japan’s commitment to embracing innovative technologies to tackle societal challenges.
