Ten technology companies have teamed up to create a Metaverse economic zone in Japan, according to a press release published by Fujitsu via ACN Newswire.
Japan's leading technology companies have created a project called "Ryugukoku" that will promote the country's development as a world leader in the metaverse.
The aforementioned project is focused on building an open metaverse infrastructure and creating an economic zone for the development of the virtual world in Japan, a country that has launched several recent initiatives related to Web3 to accelerate its digital transformation and to expand the use of new technologies to its communities with a view to optimizing its services.
Japan is known worldwide as the leader of technology and innovation and is now emerging as the global hub of the Metaverse.
Japanese companies will create a Metaverse economic zone
The Ryugukoku project is comprised of several of Japan’s largest technology and financial companies, including ICT company Fujitsu; financial group Mitsubishi Financial Group; financial services company JCB Co.; banking holding company Mizuho Financial Group; investment manager Sumitomo Mitsui Financial Group; insurance company Sompo Japan Insurance and four other companies.
The companies participating in this project will bring their respective technologies to accelerate Japan's digital transformation and enable the country to create new innovative tools and services. According to Press release, the companies will integrate their respective technologies and services, including those related to gamification, FinTech and information and communications technologies, to create the Metaverse economic zone, called JMEZ.
Each of the companies has its own role in building this economic zone. For example, Sumitomo will be responsible for providing the gamification experience, while Mitsubishi will be in charge of providing the financial functions of the Metaverse and Web3. In addition, Sompo Japan will analyze the risks and insurance development for Web3 and Fujitsu will provide the technologies related to this innovation.
Objectives of the JMEZ
From this economic zone, companies in Japan will build an open infrastructure for the metaverse, promote interoperability with other platforms and virtual worlds, and create a new space that fosters social/business transformation.
Through “Ryugukoku,” users will be able to participate in an immersive experience in an alternative world similar to a role-playing game (RPG), while businesses will be able to accelerate their digital transformation, the statement said.
Fujitsu, Mitsubishi and the other companies that make up “Ryugukoku” have a conference scheduled for the summer, and have announced future plans to provide the infrastructure for Metaverse technology to other jurisdictions and governments.
Japan, Metaverse and Web3
Japanese Prime Minister Fumio Kishida has adopted Web3 as the spearhead of his growth and development strategy in the face of the influence of new digital technologies.
Recently, the Japanese Prime Minister recognized the potential of DAOs (Decentralized Autonomous Organizations) to transform society. He has also repeatedly pointed out the importance of new digital technologies to ensure their economic and technological development, in order to stay at the forefront of the new era.
Japan was the first country in the world to open a Web3 policy office to focus on the opportunities and risks of this technological innovation.
Continue reading: Japan adopts Web3 to advance its digital transformation
