Japanese Village uses Metaverse and NFTs in order to combat depopulation

KEY POINTS

Yamakoshi is a village located in Niigata Prefecture. It uses NFTs to fight its population decline. 

A major earthquake in April 2004 led to mass evacuations. The village is now experiencing significant depopulation. Even though it was deemed safe, less than half the 2,200 original residents returned, leaving a population of around 740.

Yamakoshi launched a new campaign to address the challenge. “Neo-Yamakoshi Village” The project uses NFTs as a way to promote traditional Japanese culture while raising funds. 

The central focus of this initiative is Nishikigoi NFTsThe digital “e-resident cards.” A report By Yuri Group these NFTs generated 120 ETH or approximately $423,000. 

Nishikigoi NFTs are also used as tokens of governance in the decentralized autonomous organisation (DAO) that is housed in each village. This allows both digital locals and residents from around the world to participate in decisions. The Yamakoshi DAO, which has six voting rounds, is responsible for influencing local projects.

Metaverse is also used in the project to create a virtual Yamakoshi, where meetings of town halls can take place. It allows residents, both digital and physical, to meet and participate in community discussion.

Takeuchi Haruka – the founder and owner of Neo-Yamakoshi Village – stressed that it was important to preserve the village’s culture. “No matter how small a village it is, the culture cultivated by the region is extremely valuable. I want people the world over to recognize this value, as I think it’s important for the future of Japan as a whole that it preserves the culture and spirit it has nurtured.”

This is part of an overall trend to leverage Web3 technology in order to promote socio-economic progress. Japan Airlines made a similar decision. launched A NFT project was launched in February in partnership with Hakuhodo. The goal is to turn local experiences and assets into digital ones. This project will revitalize Japanese areas facing population declines and enhance regional tourism.