An agreement between Mitsubishi, Fujitsu, and others aims to create an open Japan Metaverse Economic Zone that serves to “update Japan through the power of games.”
In a Monday press release, IT services company and Japanese tech giant Fujitsu announced that it is collaborating with nine other companies from the finance, manufacturing, and technology sectors to create the infrastructure for an interoperable metaverse called RYUGUKOKU (TBD).
Joining the major Japanese technology firms are automobile manufacturer Mitsubishi, banks Mizuho, Sumitomo Mitsui, and payments company JCB, who aim to create “an Open Metaverse Infrastructure from a Role-Playing Game Perspective.”
The goal of the Japan Metaverse Economic Zone is to help move Japan’s Web3 strategy forward by building a framework to help onboard corporations to Web3, where RYUGUKOKU (TBD) will serve as a virtual world to connect users to different Web3 services created by companies and government agencies.
According to the press release, such potentials include Web3 marketing, work reform, and consumer experience initiatives.
The RYUGUKOKU (TBD) platform will also implement personalised metaverse experiences through collecting users’ data through “Auto-Learning Avatars.”
Additionally, the ‘Pegasus World Kit” will help users create gamified metaverse experiences, where users can use a “Multi-Magic Passport” to provide identification and as a method of payment for the interoperable metaverse platform.
While Japan is known for its tight crypto policies, that very strictness is what’s bringing many investors to look towards Japan.
With FTX Japan’s customer base quickly recovering funds from the former crypto titan’s November insolvency, Japan is looking optimistic towards crypto, currently working on policy for stablecoins, non-fungible tokens (NFTs), and decentralised autonomous organisations (DAOs).
Under Prime Minister Fumio Kishida’s cabinet, Japan will be investing in ways to expand Web3 technology integration into the country, including NFTs, and the metaverse. In October 2022, Kishida’s administration established a Web3 policy office under the Ministry of Economy, Trade, and Industry (METI).
Last November, Japan’s Digital Ministry had announced plans to create a DAO to research the potentials of Web3 technology. DAOs are blockchain-based organisations based on a native token, where its holders vote through governance on matters on how to run the organisation. The Digital Ministry’s DAO will help the ministry identify strengths and limitations, and investigate issues regarding the legal position of governance tokens utilised for voting in DAOs.
Japan has been steadily promoting its commitment to invest in digital technology, including providing tax incentives for the industry, and those eager to be more hi-tech for the future. In an October speech to Japan’s parliament, Kishida said Japan will continue “supporting the social implementation of digital technology” and will “promote efforts to expand the use of Web3 services that utilise the metaverse and NFTs.”