Interest in the metaverse is accelerating on a global scale, with countries around the world joining the race to participate in it.
In Japan, a country often associated with its legacy tech sector, a group of well-known tech companies agreed on February 27 to push for the creation of the “Japan Metaverse Economic Zone.”
Along with the creation of the Japan Metaverse Economic Zone, the deal centers on building an open metaverse infrastructure called “Ryugukoku”, which will spark the next wave of metaverse development.
This open metaversal infrastructure will help create interoperable tools for users and developers on various platforms. It will also serve as a new social infrastructure for the digital transformation of companies.
According to its terms, the companies that have signed the agreement will integrate their “respective technologies and services” to create Ryugukoku. This includes gamification, financial technology, and information and communication technologies.
The Japan Metaverse Economic Zone will be an ecosystem that will ultimately result from interoperability between the different metaverse services and platforms available to consumers in Japan.. The agreement also mentions the future possibility of “providing this infrastructure to companies and government agencies outside of Japan.”
Among the Japanese companies that have signed this agreement are Fujitsu, Mitsubishi and TBT Lab.
Japanese regulators have focused on the country’s fintech sector. On February 1, the country’s prime minister recognized decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) as a way to support the government’s “Cool Japan” strategy.
However, exploration of DAOs as governance tools dates back to November 2022, when Japan’s Digital Agency launched its own DAO.
Recently, the Bank of Japan announced its plans to launch its official central bank digital currency pilot by May 2023.
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