Fujitsu, others reach agreement for Metaverse Economic Zone

Fujitsu, Mitsubishi others reach agreement for 'Metaverse Economic Zone'

Japanese Technology companies like Fujitsu, Mitsubishi and others concur to prioritize building of Ryugukoku.

Global interest in the metaverse is increasing, with governments from all over the globe rushing to participate. In Japan, a nation often identified with its legacy technology industry, a group of prominent technology businesses decided on February 27 to advance the formation of the “Japan Metaverse Economic Zone.”

In addition to establishing the Japan Metaverse Economic Zone, the agreement prioritizes the construction of an open metaverse infrastructure termed “Ryugukoku,” which will spur the next wave of metaverse growth.

This open architecture for the metaverse will aid in the development of interoperable tools for consumers and developers on several platforms. In addition, it will act as a new social infrastructure for the digital transformation of businesses.

In accordance with the provisions of the agreement, firms who have signed it will combine their “respective technology and services” to establish Ryugukoku. This covers gaming, fintech, and ICT.

The Japan Metaverse Economic Zone will be an ecosystem resulting from the interoperability of various metaverse services and platforms offered to Japanese customers.

The agreement also acknowledges the potential prospect of “offering this infrastructure to non-Japanese businesses and government bodies.”

Among the Japanese corporations that have signed this agreement are Fujitsu, Mitsubishi, and TBT Lab etc.  The attention of Japanese authorities has been on the nation’s financial technology industry.

The prime minister of the nation Fumio Kishida acknowledged Decentralized Autonomous Organizations (DAOs) and nonfungible tokens (NFTs) on 1st of February 2023 as a means of supporting the government’s “Cool Japan” agenda.

So far, research of DAOs as instruments of governance dates back to November 2022, when the Japan’s Digital Agency created its own DAO. The Bank of Japan has revealed intentions to start an official digital currency pilot program before May 2023.


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