Some groups in Japan are harnessing the power of digital art to revitalize their local communities.
They create and offer NFTs, or non-fungible tokens. This technology proves the authenticity of digital works and products.
Residents of the city of Nagaoka in central Japan started selling digital artwork using NFT technology last year. The articles feature images of locally farmed carp.
The group uses a portion of the proceeds to fund online events that connect locals with art buyers.
Residents want their customers to give them ideas to energize their neighborhood.
The leader of the group claims that the benefits of NFTs continue after they are purchased.
The acquisition of works of art makes the new owners eligible to participate in community activities.
NFTs also play a part in a government-backed program that gives tax benefits to people who donate to local areas.
Trustbank runs a website that connects donors and communities. He created NFT artwork of his promotional character late last year, giving it away for free to potential donors.
When items are resold, NFT technology allows Trustbank to receive a portion of the proceeds.
The company plans to use the money for a project that supports farmers and businesses that offer regional project donations to donors.