Japanese Tech and Financial Giants Launch Japan Metaverse Economic Zone – Metaverse Bitcoin News

Several Japanese technology and financial giants have signed a document to create the Japan Metaverse Economic Zone, a multi-purpose virtual universe that will be based in a platform called Ryugukoku. The virtual world will allow these companies to share their technology with users as it allows them to roam this role-playing world as online avatars.

Japan is going big on the Metaverse with the Japan Metaverse Economic Zone

Several Japanese technology and financial companies have started the launch of one of the largest metaverse initiatives in Japan.

On February 16, JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu and TBT Lab signed an agreement to create what they called the Japan Metaverse Economic Zone, an open multipurpose metaverse -platform in a virtual world called Ryugukoku, which will be operated by JP Games, the company that will be responsible for the design of the experience.

The idea behind this initiative is to adapt the industrial landscape to “update Japan through the power of games,” an idea promoted by Hajime Tabata, Web3 advisor to the Japanese government’s digital agency. The agreement also includes the creation of the Pegasus World Kit, a tool that will enable these companies to build their own metaverse spaces inside Ryugukoku.

The structure of Ryugukoku

The Japan Metaverse Economic Zone will base its activity on Ryugukoku, a virtual world where other metaverses will act as cities, allowing residents to roam around and access each of them using digital avatars, like in an online game. Each of the founding companies provides a specific set of technical capabilities for the construction of this initiative.

For example, Mizuho Financial Group will provide its expertise in the area of ​​payments and metaverse tokens, while Mitsubishi UFJ Financial Group, which partnered with Coinbase in 2021 to launch its services in Japan, will support Web3 functions and help with overseas expansion plans.

The users of the platform will use a unique identification and wallet service, called “Multi Magic Passport”, which will allow them to make payments and move their personal data, including avatar status, items and NFTs (non-fungible tokens). between these metaverses. This tool will be constructed by several Japanese companies and TBT Lab, according to a press release.

The group expects that this combination of services will be attractive to other companies abroad, who will have the opportunity to expand their businesses and services to this world in the future.

What do you think about the launch of the Japan Metaverse Economic Zone initiative? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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