Japanese Tech Firms Collaborating to Improve Metaverse Sector
The tech giants in Japan enter into a partnership agreement to develop a unique metaverse economic region. The partnership deal was signed on February 27 involving Mitsubishi, Fujistu, and the leading financial provider in Japan, Mizuho Group.
The new business agreement aims at developing an open metaverse infrastructure, “Ryugukoku,” to tap more growth opportunities in the crypto world.
Significance of the Open Metaverse Infrastructure
The open metaverse infrastructure has integrated an interoperability system easily compatible with other platforms used in various industries. The new system will be a social avenue to transform digital enterprises.
The partnership agreement requires key players to leverage their expertise and technologies to develop a metaverse economic zone. For the idea to gain traction, the partners must integrate gamification, fintech, and communication technologies into the proposed system Ryugukoku.
Per the partnership document, the Mizuho team was tasked to develop metaverse digital coins while Mitsubishi was mandated to create a Web3 financial platform. Additionally, Sompo Insurance was challenged to develop a risk policy that blends with Web3’s needs.
The JP games chief executive, Hajime Tabata, will be the team leader at the upcoming metaverse project.
Japan Reveals Plans to Explore Metaverse Space
Beyond this, the team plans to place the open metaverse infrastructure at the central information dissemination point to improve the performance of various sectors. The marketing and management sectors will draw more benefits from the new system.
According to the partnership agreement, the proposed metaverse project will expand to global markets in the long run. The February 27 report revealed plans to liaise with the government to push the projects toward realizing their objectives.
In the meantime, the new project mirrors the ongoing push for metaverse projects in Japan. The Japanese Prime Minister leads other players in building the proposed metaverse economy by extending support to non-fungible tokens (NFTs) and decentralized autonomous organizations (DAO) projects. The Prime Minister’s proposal aligns with the regulator’s previous move to launch the Japanese DAO that aimed to improve crypto activities in the country.
Nonetheless, the central bank of Japan is making bold efforts to launch the digital Yen. In support of the bank of Japan’s contribution, the Khronos Group hosted a metaverse event in June last year to expedite the adoption of crypto-friendly regulation in Japan.
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