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Japan’s Metaverse: The Next Big Thing In Web3?

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

japan's metaverse

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To further Japan’s Web3 plan, a number of large Japanese technological, manufacturing and financial organizations are partnering to construct the infrastructure for an open metaverse.

Fujitsu, a provider of information technology services, announced in a press release on February 27 that it was collaborating with nine other companies, including automaker Mitsubishi and global bank Mizuho, to develop Ryugukoku. This interoperable metaverse structure will expand the “Japan Metaverse Economic Zone.”

The press release stated that the metaverse alliance intends to assist firms in establishing a framework for Web3 marketing, work reform, and consumer experience initiatives. Ryugukoku will be a virtual environment that connects users to Web3 services created by businesses and government entities.

According to the terms of the agreement, the parties will integrate their respective technology and services to establish Ryugukoku. Examples of this enterprise include gamification, fintech, and information and communication technologies.

The ultimate integration of multiple metaverse services and platforms made accessible to Japanese users would create the Japan Metaverse Economic Zone. The agreement also discusses the potential for providing similar infrastructure in the future to businesses and governments outside of Japan.

Moreover, the platform will use Auto-Learning Avatars to gather user information and offer a customized metaverse experience. Users will be helped in developing gamified metaverse experiences via the Pegasus World Kit. Additionally, its Multi-Magic Passport will offer means of identification and payment to promote interoperability across the metaverse.

Japan Will Adopt Web3 Nationwide

The national agenda of Japan is seeking to include Web3 technology. Fumio Kishia, the prime minister of Japan, said in February that nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs) would help the country’s “Cool Japan” strategy.

The Prime Minister had publicly stated that the nation would invest in digital transformation services like non-fungible tokens (NFTs) and the Metaverse in October 2022. The nation’s Digital Ministry announced plans to create a decentralized autonomous organization (DAO) in November 2022 to help government agencies move to Web3.