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NFTs and Metaverse

Japanese Tech Companies Create “Japan Metaverse Economic Zone”

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.

READ MORE: Crypto Exchanges Will Continue to go Bankrupt – Kevin O’ Leary

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.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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