By selling NFTs depicting the iconic koi carp, Yamakoshi, a picturesque town located in Japan, has not only found an innovative way to attract interest and capital, but has also created a new form of community governance powered by blockchain technology.
The Neo-Yamakoshi Village project represents an innovative fusion of tradition and modern technology, where the sale of NFT tokens symbolizing the koi carp has not only generated a new revenue stream for the community, but has also established a decentralized governance model. .
This approach has allowed the village of Yamakoshi, located in the mountains of Niigata, Japan, to attract 1.700 “digital citizens” that are contributing to the development and support of the people.
Non-fungible tokens, in this case, act as governance tokens, granting owners the right to participate in Yamakoshi's community decisions through the town's Decentralized Autonomous Organization (DAO).
Yamakoshi allocates funds to the community
Matthew Sigel, head of digital asset research at VanEck, highlighted on platform
By June 26, according to Sigel, the project had raised more than $420.000 dollars through the sale of non-fungible tokens.
El project Neo-Yamakoshi Village launched in 2021 and profits generated to date have gone towards supporting community initiatives, such as organizing a sports day for local school children.
Yamakoshi has allocated the funds raised to different community projects, highlighting the potential of NFTs to have a tangible impact in real life.
Neo-Yamakoshi Village serves as a model for other ventures
Yamakoshi's strategy not only addresses the challenges of isolated rural communities, but also presents an experimental approach to raising funds for aging populations. Yamakoshi's adoption of blockchain technology and its inclusion in Prime Minister Fumio Kishida's "Society 5.0" vision reflects Japan's commitment to integrating advanced technologies for the creation of a more sustainable and advanced society.
On the other hand, the creation of a local DAO could be a beacon for other communities looking for sustainable ways to support their populations and preserve their traditions.
The combination of culture, art and technology has allowed Yamakoshi to not only support its ageing population, but also invest in the future of its youth, as demonstrated by the children’s sports day that was held with local schools. This is a clear example of how the innovation of new technologies can be rooted in tradition and how modern solutions, such as non-fungible tokens, can strengthen community ties and collective well-being.
Raising more than $420.000 is also a testament to the success of the project and people's willingness to invest in ideas that promote positive social change.
As the world becomes increasingly digital, projects like Yamakoshi's show that blockchain technology can be used to bring people together and to build an inclusive and more participatory future. Therefore, with the continued development and evolution of digital assets and blockchain technology in general, it is likely that we will see more initiatives like this, where digital innovation meets social needs, creating a lasting impact on communities around the world. the world.
How does the governance system work in Yamakoshi?
The governance system in Neo-Yamakoshi Village is based on a Decentralized Autonomous Organization (DAO), which is an innovative management structure powered by blockchain technology. In this model, non-fungible tokens act as both identifiers and governance tokens, meaning that each NFT gives its owner a vote in community decisions.
“Digital citizens” who purchase these digital assets become members of the DAO and can participate in decision-making on community projects and policies. The DAO operates through a digital platform where initiatives are proposed and voted on, and all votes are recorded and verified on the blockchain to ensure transparency and security.
On the other hand, physical residents of Yamakoshi receive Nishikigoi tokens for free, while external digital citizens must purchase them. This allows the local community to have direct participation without economic barriers, while inviting people from all over the world to contribute to the development of the town.
As reported, the funds raised from the sale of non-fungible tokens are used to finance different community projects and are managed according to the priorities established by the community through the decentralized governance organization.
Participatory governance
By involving global “digital citizens,” Neo-Yamakoshi Village not only raises funding, but also encourages broader participation in community life, which is seen as a potential solution to the challenges facing many rural communities, such as depopulation and population ageing.
In short, Neo-Yamakoshi Village highlights the potential of NFTs and blockchain technology to revitalize communities and offer new forms of democratic and participatory governance.
