10 major Japanese Tech and Finance powerhouse have joined together to launch the Japan Metaverse Economic Zone.
The companies have signed a basic agreement for the building of an Open Metaverse Infrastructure called “RYUGUKOKU” using the Metaverse construction framework “PEGASUS WORLD KIT” developed by TBT Lab, and the creation of the Japan Metaverse Economic Zone.
This agreement, signed by JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, Mitsubishi Corporation and TBT Lab, is based on the concept of “updating Japan through the power of games” by Hajime Tabata.
Tabata is a globally renowned game creator, founder of JP Games, and the Web 3.0 advisor for the Japanese Government’s Digital Agency, and is an industrial DX initiative that utilises gaming technology and was established by way of each company’s endorsement of the concept.
Areas of focus will include enabling interoperability, gamification, fintech and information communications technology (ICT).
End users will have the chance to engage in the metaverse through role-playing game (RPG) characters, who will be able to participate in different virtual worlds and move across realms in the metaverse.
Security will also be a significant focus for Ryugukoku. Major Japanese financial institutions, corporations and TBT Lab will collaborate to ensure user identity authentication, payments and data infrastructure insurance are in place.
Although the project will initially begin within the island nation, there are plans to eventually move “to companies and government agencies outside of Japan.”
The move to create an interoperable metaverse comes soon after the Liberal Democratic Party of Japan published a proposal on Web3 policy.
“This is an opportunity for Japan to vigorously promote the development of an internationally competitive web3 business environment as a part of its national strategy, and to demonstrate leadership in international regulatory discussions,” the proposal said.
“Now is the time for the public and private sectors to gather their knowledge and expertise to make Japan the global hub of responsible innovation.”
The users of the platform will use a unique identification and wallet service, denominated “Multi Magic Passport,” that will allow them to make payments and to move their personal data, including avatar status, items, and NFTs (non-fungible tokens), between these metaverses.
The group expects this combination of services will be attractive to other companies overseas, which will have the opportunity of extending their businesses and services to this world in the future.