According to a statement released by Fujitsu, the company and other technology companies have agreed to set up the Japan Metaverse Economic Zone. 

Fujitsu signed the agreement with nine companies which are Mitsubishi, Mizuho, Resona Holdings, Sompo Japan, Toppan, Sumitomo Mitsui Financial Group, JCB, and TBT Lab. 

Ryugukoku Metaverse

RYUGUKOKU (TBD) is a metaverse infrastructure that combines elements of an online alternate-world role-playing game (RPG) based on its own unique fantasy view of the world. The service could also be extended to other states and countries outside of Japan.

The metaverse coalition aims to assist businesses in leveraging Web3 marketing, streamlining work processes, and continuing to improve the user experience.

The platform will use Auto-Learning Avatars which will collect user data to create customized user avatars. In addition, the platform will involve Pegasus World Kit that will help users create gamified metaverse life experience. Moreover, there will be Multi-Magic Passport which will include identity verification and payment options for internal interconnectivity.

The project reflects on the players’ attempts to create an open metaverse infrastructure that allows for interoperability (the ability to port assets and characters across multiple virtual worlds run by different companies).

Japan’s role in the growth of Web3

Japan is intending to implement Web3 technology into its government’s agenda. 

Prime Minister Fumio Kishia stated that the country would invest in digital transformation services, such as NFTs and metaverse in October. 

Furthermore, the country’s Digital Ministry announced plans about creating a decentralized autonomous organization (DAO) to help government agencies to join Web3.  

Many Japanese companies have already ventured into the Web3 space; in July, SMBC Group partnered with HashPort to investigate NFT and Web3 projects. In April, Japan’s messaging service LINE launched an NFT marketplace that allows users to buy, trade, hold, and list NFTs.