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