Japanese firms team up on a Metaverse project that could transform Japan's Web3 industry.
Ten leading companies in Japan, including internationally known brands like Mitsubishi and Fujitsu, are working hand in hand on a Metaverse project called "Ryugukoku" and a "Japan Metaverse Economic Zone."
Ryugukoku will be a virtual world where users will be able to access different Web3 services managed by the government and private firms.
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The Metaverse project will include elements of fantasy role-play. Users will be able to create and customize avatars, allowing them to interact and move around a virtual landscape.
It is worth noting that the more users interact with the system, the more Ryugukoku will learn about their habits and predict their activities in the virtual world. In the announcement, the companies revealed that businesses can purchase access to this data and gamify the users' experience via "Pegasus World Kit."
The Japan Metaverse Economic Zone will combine different Metaverse services and platforms available in Japan. In the future, the Japanese giants plan to provide "this infrastructure to companies and government agencies outside of Japan.”
Companies involved in this project come from different sectors of the economy. In particular, the project includes firms like insurance company Sompo, printing firm Toppan, global bank Mizuho, automobile manufacturer Mitsubishi, and IT service firm Fujitsu. Each company will contribute to the area of its expertise to create the ad-based Metaverse platform.
Japan is the perfect place to launch this project as the crypto regulation is highly advanced and balanced in the country. On top of that Japan's prime minister, Fumio Kishida is excited about the development of Web3 technology in Japan. In October 2022, Fumio Kishia promised to:
Promote efforts to expand the use of Web 3.0 services utilizing the Metaverse and NFTs.
At the beginning of February, one of the companies involved in this project, Fujitsu, launched a Web3 Acceleration Program.
