Several Japanese high-tech and financial giants have signed a document creating the Japan Metaverse Economic Region, a multipurpose virtual world based on a platform called Ryutani. This virtual world will allow these companies to share their technology with users by allowing them to walk around as online avatars in a role-playing game-like world.
Japan is taking a major step into the metaverse with the Japan Metaverse Economic Zone.
Several Japanese technology and financial companies have kick-started the launch of Japan’s largest metaverse initiative.
On February 16, JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, and TBT Labs will open a virtual world called Ryu-Yu, a multipurpose Metaverse platform and signed an agreementcalled the Japan Metaverse Economic Region, operated by JP Games, which is in charge of experience design.
The idea is to adapt the industrial landscape to “update Japan with the power of games,” as promoted by Hajime Tabata, Web3 advisor to the Japanese government’s Digital Agency. The agreement also includes the creation of a “Pegasus World Kit,” a tool for these companies to build their own metaverse space in Ryugu.
Structure of Ryugoku (26}
The Japan Metaverse Economic Region will operate as a virtual world with Ryugoku as its base, with other metaverses functioning as cities and citizens using digital avatars to access and navigate their respective metaverses, much like an online game. To build this concept, each of the founding companies offers specific technological capabilities.
For example, Mizuho Financial Group is providing expertise in the payment area and metaverse tokens, while Mitsubishi UFJ Financial Group, which partnered with Coinbase to launch services in Japan in 2021, will support Web3 functionality and assist with plans for international expansion
Users of the platform will be able to move personal data such as payments, avatar status, items, and NFTs (non-fusible tokens) between metaverses using a proprietary identity and wallet service called Multi Magic Passport. The new tool will allow users to move personal data such as payments, avatar status, items, and NFTs between Metavers. According to the press release, the tool will be built by several Japanese companies and TBT Labs.
The group hopes that this combination of services will be attractive to other companies abroad and will provide an opportunity to expand their business and services into this world in the future.
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