A metaverse economic zone will soon emerge in Japan. Just yesterday, powerful tech companies in the country, including Fujitsu and Mitsubishi, came together in anticipation of a new deal to help push the metaverse industry forward.
The metaverse is increasingly gaining ground
Interest in the metaverse is accelerating globally. Countries around the world joining the rush to get involved. Japan, a country often associated with its legacy tech sector, is also keen to get into it. On February 27, a group of well-known technology companies agreed in an agreement to advance the creation of the ” Metaverse Japan Economic Zone “.
The agreement focuses on building an open metaverse infrastructure called ” Ryugukoku “. The group is confident that this infrastructure will trigger the next wave of metaverse development. According to the project leaders, this open metaverse infrastructure will help create interoperability tools for users. But also developers who want it on various platforms. It will also serve as a new social infrastructure for the digital transformation of companies.
Under the terms of the agreement, the signatory companies will integrate their respective technologies and services to create Ryugukoku. This includes gamification, fintech and information and communication technologies. Thus, the Japanese metaverse economic zone will be an ecosystem that will result from the interoperability between the various 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”.
Japan wants to launch its own CBDC
Japan, known for its technological development, is favorable to cryptocurrencies on the condition of regulating the sector. Japanese regulators have focused on the country’s fintech sector. Tokyo has even announced its intention to launch its official CBDC pilot project. In addition, the Prime Minister of the country recognised Decentralized Autonomous Organizations (DAOs) and Non-Fungible Tokens (NFTs) as a way to support the “ cool japan ” of the government.
It is certain that this project to create the Japanese metaverse economic zone will help the development of the metaverse market. Japan is very welcoming with the cryptos. It also explores DAOs as governance tools since November 2022.
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