As the athletes take the podium and, with a slight bow, have their medals placed around their necks, they will be happy to have landed in the top three. For the people behind the Tokyo Medal Project, they'll be happy that those Olympic medals are there in the first place.

The Tokyo Olympics will award a total of 5,000 gold, silver, and bronze medals.
The medals were derived from recycled electronic devices, including cell phones. project recycled old electronic gadgets such as smartphones and laptops to produce the Olympic Medals.

For the people of Japan, the project offered a unique opportunity to be a part of the Games.

So while the Japanese will be the first to have all of the Olympic medals made out of recycled material, the concept is not new. In the Rio 2016 Olympic Games, 30% of the sterling silver to make the gold and silver medals were obtained from recycled materials such as car parts and mirror surfaces.

Looking ahead to the Paris Games in 2024, where social change and enhancing the environment are among the main themes, there are hopes that the Tokyo 2020 Medal Project will set a precedent.
Sources:
https://www.ecowatch.com/olympics-medals-recycled-smartphones-computers-2654414145.html
https://www.insider.com/tokyo-olympics-medals-recycled-cell-phones-2021-7