Several Japanese tech and financial giants have signed a document to create the Japan Metaverse Economic Zone, a multipurpose virtual universe that will be based on a platform called Ryugukoku. The virtual world will allow these companies to share their technology with users by allowing them to roam this role-playing game-like world as online avatars.
Japan Goes Big in Metaverse with Japan Metaverse Economic Zone
Several Japanese technology and financial companies have kicked off the launch of one of the largest metaverse initiatives in Japan.
On February 16, JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu and TBT Lab signed a agreement to create what they called Japan Metaverse Economic Zone, an open multipurpose metaverse platform in a virtual world called Ryugukoku, which will be operated by JP Games, the company that will be in charge of designing the experience.
The idea behind this initiative is to adapt the industrial landscape to “update Japan through the power of games”, an idea pioneered by Hajime Tabata, Web3 adviser to the Japanese government digital agency. The agreement also includes the creation of the Pegasus World Kit, a tool that will allow these companies to build their own metaverse spaces within Ryugukoku.
Ryugukoku Structure
Japan’s Metaverse Economic Zone will base its activity on Ryugukoku, a virtual world where other metaverses will function as cities, allowing citizens to roam and access each using digital avatars, just like in an online game. Each of the founding companies is providing a specific set of technology features to build on this initiative.
For example, Mizuho Financial Group will provide expertise in the area of metaverse tokens and payments, while Mitsubishi UFJ Financial Group, which partnered with Coinbase in 2021 to launch its services in Japan, will support Web3 features and help with plans. expansion abroad.
Users of the platform will use a unique identification and wallet service, called “Multi Magic Passport”, which will allow them to make payments and move their personal data, including avatar status, items and NFTs (non-fungible tokens), between these metaverses. This tool will be built by several Japanese companies and the TBT Lab, according to a press release.
The group hopes that this combination of services will be attractive to other companies abroad, which will have the opportunity to extend their business and services to this world in the future.
What do you think about the launch of the Japan Metaverse Economic Zone initiative? Tell us in the comment section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
