According to a press release by the IT service company Fujitsu, a group of major Japanese technology, finance, and manufacturing firms are teaming up to build infrastructure for the “Japan Metaverse Economic Zone.”
The participating firms include Mitsubishi, Mizuho, Resona, Toppan, SMBC, Sompo Japan, and others. The agreement obligates the participating companies to develop Web3 activations as part of Japan’s overall Web3 strategy.
Specifically, Fujitsu said it will be working with nine other companies to create an interoperable metaverse structure called Ryugukoku (TBD) that will be used to expand the “Japan Metaverse Economic Zone.”
According to the press release, the aim of the partnership is to construct the framework for businesses to tap into Web3 marketing, consumer experience initiatives, and work reform. Ultimately, TBD will be a virtual world connecting users to a myriad of Web3 services from companies and government agencies in Japan.
Here are a few specifics about the project:
- “Auto-Learning Avatars will collect users’ information and provide a personalized metaverse experience.
- The “Multi-Magic Passport” will provide payment and identification methods to coordinate interoperability within the metaverse.
- The “Pegasus World Kit” will help users create gamified experiences and services in the metaverse.
Japan has been bullish on Web3 for some time now. In October, the Prime Minister Fumio Kishia said the country is investing in NFTs, the metaverse, and other digital technologies. And in November, the Digital Ministry laid out plans for a decentralized autonomous organization (DAO) to onboard government agencies to Web3.
Japanese Companies Are Pouring Into the Metaverse
Ten of Japan’s top companies working together to build the future of the “Japan Economic Metaverse Zone” is a big deal. But it should come as no surprise to folks who follow Web3 news. At Rarity Sniper, we’ve written several articles about Japanese companies entering the metaverse recently. Here are some of the top stories.
First, the Japanese Telecom giant NTT Docomo recently committed $412 million to a metaverse unit to transform how customers and businesses use XR technology. Its metaverse unit Qonoq will deliver virtual concerts and provide companies with “digital twins” — digital copies of physical objects.
Next, MUFG, Japan’s largest bank, partnered with ANA holdings to enter its GranWhale Metaverse. The bank will use the digital platform to offer financial services and products beginning sometime in 2023.
Finally, a government agency in Japan focused on child and family affairs has partnered with the Tokyo-based non-profit organization Katariba to offer students classes in the metaverse. The move is being made in an effort to fight absenteeism in Japan, which has been at an all-time high since the pandemic.
As the world warms up to Web3 and metaverse technology, some countries — like Japan — have decided to take the lead. The Ryugukoku metaverse structure is more evidence that the island-nation is collectively bullish on Web3. We’ll keep our eyes and ears open for any new developments in the story.