Japan’s big companies unite to create metaverse economic zone with cryptocurrency integration

Fujitsu and Mitsubishi look to create Japanese metaverse economic

TL;DR Breakdown

  • Major Japanese companies, including Mitsubishi, Fujitsu, and the banking group Mizuho, recently joined forces to establish a “Metaverse Economic Zone” in the country.
  • The Ryugukoku project has been launched to create an interoperable metaverse for the purpose of information dissemination, marketing, and workstyle reform within domestic enterprises.

A coalition of major Japanese companies, including Mitsubishi, Fujitsu, and the banking group Mizuho, recently joined forces to establish a “Metaverse Economic Zone” in the country. Led by former Square Enix executive and JP Games CEO Hajime Tabata, the project aims to “update Japan through the power of games,” as stated in a press release.

The participants will bring their respective technologies and services, such as gamification and fintech, to create a social infrastructure called Ryugukoku. This platform will be used for information exchange, promotional activities, and workstyle reform for domestic enterprises. Users can also explore various realms in an RPG-like experience. The service will eventually be expanded beyond Japan to other regions and governments. However, Mizuho will provide infrastructure for “metaverse coins,” Mitsubishi will give capacity for “web3-type metaverse financial functions,” and Sompo Japan Insurance will develop insurance and risk policy solutions for the Web3 era.

The Open Metaverse Alliance (OMA), an initiative governed by a DAO, has been in progress since 2021. A consortium of leading industry players such as Mizuho, Mitsubishi, and Sompo Japan Insurance have also joined forces to create an open metaverse infrastructure allowing interoperability between different virtual worlds. The Metaverse Standards Forum, backed by the Khronos Group, aims to facilitate faster adoption of uniform standards for the online space. Its founding members include major industry players such as Meta and Microsoft.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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