Japan’s very own Metaverse is on the way, will accelerate Web3 adoption

• Major Japanese companies are coming together for an open Metaverse.
• Japan is looking to incorporate Web3 technology into its national agenda 

Many major Japanese technology, manufacturing, and financial firms are collaborating to build the infrastructure for an open metaverse in order to advance the country’s Web3 strategy.

On 27 February, IT services company Fujitsu announced in a press release that it was working with nine other companies, including automobile manufacturer Mitsubishi and global bank Mizuho, to develop Ryugukoku, an interoperable metaverse structure that will expand the “Japan Metaverse Economic Zone.”

The press release mentioned that the metaverse alliance aims to help build the framework for corporations to tap into Web3 marketing, work reform, and consumer experience initiatives. Ryugukoku will function as a virtual world that connects users to various Web3 services developed by businesses and government agencies.

Companies that have signed the agreement will integrate their respective technologies and services to create Ryugukoku, according to its terms. Gamification, FinTech, and information and communication technologies are all examples of this enterprise.

The Japan Metaverse Economic Zone will eventually result from the interoperability of various metaverse services and platforms available to Japanese consumers. The agreement also mentions the possibility of providing this infrastructure to companies and governments outside of Japan in the future.

The platform will also employ Auto-Learning Avatars, which will collect user data in order to provide a personalized metaverse experience. The Pegasus World Kit will assist users in creating gamified metaverse experiences. Moreover, its Multi-Magic Passport will provide identification and payment methods to facilitate metaverse interoperability.

Japan to incorporate Web3 nationally

Japan is attempting to incorporate Web3 technology into its national agenda. In February, the Japanese Prime Minister, Fumio Kishia, recognized that decentralized autonomous organizations (DAOs) and nonfungible tokens (NFTs) would support the government’s “Cool Japan” strategy.

Previously, in October 2022, the Prime Minister announced that the country would invest in digital transformation services such as non-fungible tokens (NFTs) and the Metaverse. In November 2022, the country’s Digital Ministry announced plans to establish a decentralized autonomous organization (DAO) to assist government agencies in transitioning to Web3.