Japanese Tech Companies Create “Japan Metaverse Economic Zone”
The interest in the metaverse is accelerating globally, with countries worldwide joining in the rush to get involved.
Japan, often associated with its legacy technology sector, is no exception. A group of prominent Japanese technology companies, including Fujitsu Ltd. and Mitsubishi Corporation, have agreed to help advance Japan’s metaverse sector.
The Japan metaverse economic zone
On Feb. 27, a group of well-known tech companies agreed to create the “Japan Metaverse Economic Zone,” which will consists of the creation of an open metaverse infrastructure called “Ryugukoku.”
The agreement’s focus is to spark the next wave of metaverse development. This open infrastructure aims to create interoperable tools available for users and developers across various platforms. It will also serve as a new social infrastructure for enterprise digital transformation.
Collaborative integration of technologies
The agreement’s terms state that companies who have signed will integrate their “respective technologies and services” to create Ryugukoku. This includes gamification, fintech, and information and communication technologies. The aim is to create an ecosystem resulting from the interoperability between different metaverse services and platforms available to consumers in Japan.
The future of the metaverse economic zone
The agreement also mentions the possibility of “providing this infrastructure to companies and government agencies outside of Japan.”
Japanese regulators have been focusing on the country’s financial technology sector. On Feb. 1, the country’s prime minister recognized decentralized autonomous organizations (DAOs) and nonfungible tokens (NFTs) as a way of supporting the government’s ‘Cool Japan’ strategy.
The exploration of DAOs as governance tools
However, the exploration of DAOs as governance tools goes back to November 2022 when Japan’s Digital Agency launched its DAO. This is an example of Japan’s continuous effort to stay ahead in technology and innovation.
Bank of Japan and CBDC
The Bank of Japan also announced its plans to launch its official central bank digital currency (CBDC) pilot in April 2023. With all these technological advancements, Japan is positioning itself as a leader in the metaverse industry.