What name would you give it? An NFT granting the right to name a real park in Nishikawa Town, Yamagata Prefecture, was sold at auction on HEXA, one of Japan's largest NFT marketplaces, from 9/1 (Fri) 19:00 to 9/10 (Sun) 21:59.
HEXA, one of Japan's largest NFT marketplaces, partnered with Nishikawa Town, Yamagata Prefecture, and Tobu Top Tours Co., Ltd. to turn the naming rights of a real park into an NFT and sell it at auction, a first in Japan*. By issuing the park naming rights NFT, Nishikawa Town aims to create a related population — people who maintain an ongoing connection to a region without living there — and revitalize the area.
The park naming rights NFT auction ran from September 1 (Fri), 19:00 to September 10 (Sun), 21:59. The park to be named is located next to the roadside station (michi-no-eki) in Nishikawa Town, Yamagata Prefecture, and is one of the town's signature parks. The park name chosen by the winning bidder will actually be put up on a sign, where visitors will see it. The auction was open to companies as well as individuals.
*An internet survey conducted by Media Equity Inc. on August 31, 2023, covering NFTs issued by all of Japan's prefectures and municipalities, confirmed that this is the first case in Japan of the naming rights to a real municipal park being sold as an NFT.
About the park to be named
The park is designated as Mizusawa Meisui Park under the Nishikawa Town Rural Park Ordinance, and its address is 2297 Oaza Mizusawa, Nishikawa Town, Nishimurayama District, Yamagata Prefecture. Located next to the roadside station and host to many events, it is one of Nishikawa Town's signature parks, with the following features:
• Run by Nishikawa Town, Yamagata Prefecture, which issued Japan's first digital resident NFT**
• Located next to a roadside station that draws people from inside and outside the town, so it is easy for many people to visit
• Located in an easy-to-find spot along a national highway
• Events are held in the park, so it is expected to become more lively
**An internet survey conducted by Media Equity Inc. on April 26, 2023, covering NFTs issued by all of Japan's prefectures and municipalities, confirmed that this is the first case in Japan of a digital resident NFT officially issued by an existing Japanese municipality. There have been past cases issued by voluntary groups of residents rather than officially by a municipality, but this is Japan's first digital resident NFT officially issued by a Japanese municipality as the issuer under the Local Government Finance Act.
A sign with the park name chosen by the winning bidder will be put up in the park
A sign bearing the park name chosen by the winning bidder will be installed in the park. This will showcase the name to visitors to the roadside station, and the park will be developed into a spot where many people stop by, as a park whose naming rights were won at an NFT auction.
Benefits of winning the park naming rights NFT
• The winner of this auction can name a real park, and a sign bearing the name will be installed in the park, so it can also be used to promote your company or services
• Proceeds from the auction will be used for the development of Nishikawa Town, so you can contribute to a regional area
• If you wish, the town mayor will present you with a letter of appreciation at a ceremony for your cooperation in Nishikawa Town's regional revitalization
• The park naming rights NFT can be resold (those who acquire it through resale do not receive naming rights, but can hold it as proof of their support)
About the naming rights NFT auction for the park at 2297 Oaza Mizusawa, Nishikawa Town, Nishimurayama District, Yamagata Prefecture
Auction period: September 1 (Fri), 2023, 19:00 – September 10 (Sun), 21:59
Starting bid: ¥1,000
Auction page: https://nft.hexanft.com/nft/issue/pR042pBR
Park naming rights: The park naming rights are granted only once, and only to the winning bidder of the primary sale auction held from September 1 (Fri), 2023, 19:00 to September 10 (Sun), 21:59. Please note that those who buy it through resale from the winning bidder on the secondary market, or who receive it by transfer, cannot name the park.
Naming the park: Nishikawa Town, Yamagata Prefecture, will later contact the primary winning bidder at the email address used when bidding to ask for the desired park name. Please note that we may ask you to change the name if it is contrary to public order and morals or infringes on another party's trademark.
Park name sign installed in the park: A sign with the chosen park name will be installed in the park at a later date. The new park name will also appear in town brochures and other materials produced in the future. The name under the Nishikawa Town Rural Park Ordinance will not change.
Letter of appreciation from the town mayor: When you visit Nishikawa Town, if you wish, we will hold a ceremony at the park you named, where the town mayor will present you with a letter of appreciation for your cooperation in Nishikawa Town's regional revitalization.
Companies can also participate: The auction is open to companies as well as individuals.
Results of the park naming rights NFT auction in Nishikawa Town, Yamagata Prefecture
The auction, which started on 9/1 (Fri) at 19:00, received 14 bids on the first day, with the price rising to ¥101,000. It climbed to ¥150,001 on 9/2 (Sat), ¥300,000 on 9/3 (Sun) and ¥350,000 on 9/4 (Mon). After that, there was a bid of ¥380,000 on 9/5 (Tue) and a bid of ¥450,000 on 9/7 (Thu). Then, on the final day, 9/10 (Sun), multiple bids came in during the last 5 minutes, triggering repeated 5-minute automatic extensions, and the auction finally closed with a bid of ¥1,300,000 at 22:27.
Many municipalities sell naming rights to parks, pedestrian bridges and streets, but naming rights in areas with low name recognition or small populations often receive not a single bid. Against that backdrop, the naming rights to a park in a town of about 5,000 people received 47 bids in the form of an NFT and sold for ¥1.3 million. The naming rights NFT drew participation from many individuals and companies and created real excitement. We hope that more municipalities will use naming rights NFTs to grow their related population and fan base and to energize their communities.
The park naming rights NFT was also covered on TV
On the evening news program YBC news every. on September 11, 2023, the sale of the park naming rights NFT for ¥1.3 million was covered in a long segment of about 2 minutes 46 seconds.
The news program also featured HEXA's naming rights NFT auction page.
Town residents who actually took part in the HEXA auction also appeared on the program.
The news also explained the progress of the auction in detail, using HEXA's auction price chart screen.
A Nishikawa Town official also appeared and commented on the park naming rights NFT auction.
About Nishikawa Town, Yamagata Prefecture
Nishikawa Town, in central Yamagata Prefecture, has a population of about 5,000, with Mt. Gassan, one of the Three Mountains of Dewa, to the south and Mt. Asahi of the Asahi Mountains to the north. It is a town blessed with nature, in an area of heavy snowfall, through which flows the Sagae River, ranked Japan's clearest river, and centered on Lake Gassan, a popular tourist spot. It is also a transportation hub served by National Route 112 and the Yamagata Expressway.
Nishikawa Town official website: http://www.town.nishikawa.yamagata.jp/
About HEXA, the NFT marketplace
A Japanese NFT marketplace where you can issue, buy and sell NFTs using Japanese yen alone. You can easily buy NFTs by credit card from a PC or smartphone. No crypto or wallet is needed at all, so you can buy, sell or issue NFTs right away. If you have a HEXA Residents NFT or a LAND NFT, you can also display the NFTs you buy in the HEXA Metaverse. HEXA also offers community features such as Web3-style online salons and fan clubs, and 6blog, a service with NFTs that grant the right to read the rest of an article.
How NFT issuance works: https://hexanft.com/issuermanual/
Apply to issue NFTs here: https://nft.hexanft.com/issue