Japanese tech giants join forces to create a metaverse economic zone
- The Japan Metaverse Economic Zone, made up of ten tech firms, is developing an open metaverse facility from a “role-playing game” perspective.
- The collaboration is a component of Japan’s goals for digital transformation and will advance the metaverse industry there.
The Japan Metaverse Economic Zone (JMEZ), which seeks to create an open ecosystem for businesses creating metaverse interactions, announced ten companies’ participation. It is marketed as a digital transformation (DX) play that blends elements of the actual world and fantasy.
It can be said that with this initiative in place, Prime Minister Fumio Kishida’s promise of Japan’s expansion in the Metaverse has eventually come to fruition.
Once Kishida was elected prime minister in 2021, he made Web3 development a cornerstone of Japan’s economic revival. Since then, Japan has worked to promote Web3 usage and safety.
In order to create the technical infrastructure, the companies that signed the agreement will combine their technologies and services, such as gamification and fintech. Right now, it goes by the name Ryugukoku.
According to the press statement, domestic businesses will use the new social infrastructure for marketing, workstyle reform, and information dissemination. While exploring various worlds, users will be able to play an RPG-style game. The service might also be made available to other nations and territories besides Japan.
According to a press release, Hajime Tabata, the CEO of JP Games and a former Square Enix official, wants to “update Japan through the power of games.”
This agreement has been engaged into by a number of Japanese businesses, including Fujitsu, Mitsubishi, Sompo Japan Insurance, Toppan, Resona Holdings and TBT Lab.
Toppan integrates avatar and metaverse technology into the project, while TBT Lab provides gamification and necessary technological components. The primary technological support is provided by Fujitsu, and worldwide expansion is assisted by Mitsubishi. Financial web3 services are provided by MUFG, and insurance is handled by SOMPO.
The next phase of metaverse growth is ushered in by the digital transformation (DX) strategies included in the JMEZ. The Japanese government’s goals for digital transformation include NFT integration.
Banking behemoth Mizuho have also decided to collaborate in order to establish a “Metaverse Economic Zone” for the country. The “metaverse coins” technology will be provided by Mizuho.