A Deal Between IT Businesses and the “Japan Metaverse Economic Zone”

To boost the nation’s metaverse industry, a number of well-known Japanese technology corporations, including Fujitsu and Mitsubishi, have joined together in a new partnership.

Global interest in the metaverse is growing, and nations from every continent are rushing to join in.

On February 27, a number of well-known tech companies in Japan, a nation frequently associated with its legacy technology sector, decided to move forward with the establishment of the “Japan Metaverse Economic Zone.”

The agreement focuses on developing an open metaverse infrastructure named “Ryugukoku,” which will lead to the next phase of metaverse development, in addition to establishing the Japan Metaverse Economic Zone.

This open metaverse architecture will aid in the development of cross-platform, interoperable solutions for users and developers. Additionally, it will act as a brand-new social infrastructure for business digital transformation.

Companies who have agreed to its terms will combine their “respective technologies and services” to produce Ryugukoku. Information and communication technologies, fintech, and gamification are all included in this.

The interoperability of various metaverse services and platforms made available to Japanese users will ultimately lead to the creation of the Japan Metaverse Economic Zone, which will be an ecosystem. A potential prospect of “offering this infrastructure to companies and government organizations outside of Japan” is also included in the agreement.

This agreement has been engaged into by a number of Japanese businesses, including Fujitsu, Mitsubishi, and TBT Lab.

Regulators in Japan have been concentrating on the nation’s financial technology industry. The nation’s prime minister approved nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs) on February 1 as a means of advancing the “Cool Japan” policy of the administration.

The investigation into DAOs as instruments for governance, however, dates back to November 2022, when Japan’s Digital Agency introduced its own DAO.

The Bank of Japan most recently declared its intention to begin its official central bank digital currency pilot program before May 2023.