The metaverse is now the new frontier of the Land of the Rising Sun.

Many of Japan’s largest technology firms have joined together to create an open environment for the production of virtual experiences; they name it the “Japan Metaverse Economic Zone” (JMEZ).

Companies including Mitsubishi UFJ, Mitsubishi Corp., Fujitsu, JCB, Mizuho, Resona Holdings, Sumitomo Mitsui, Sompo Japan Insurance, Toppan, and TBT Lab have reportedly inked a fundamental commitment for the project, as reported by Kitco News.

The goal of the project is to build an interoperable metaverse framework called RYUGUKOKU (TBD) and combine fantasy and reality to generate a novel and stimulating environment that is equal parts RPG (role playing game) and real life.

The Ryugukoku: Japanese Metaverse

Virtual infrastructure for secure identity identification, insurance, payments, and data is something Ryugukoku is anticipated to build. According to the report, domestic businesses would utilize the new social platform to accomplish things like marketing, information sharing, and workstyle transformation.

Japan has been making efforts to incorporate Web3 technology into the government’s strategy. Japan’s Prime Minister Fumio Kishia announced in October that the country would be pouring massive amounts of money in digitalisation services, including NFTs and the virtual domain.

The country’s Digital Ministry announced back in November that it will establish a DAO to facilitate government agencies’ transition into the Web3 era.

Japanese mobile operator NTT Docomo said a few months ago that it will be investing $4 billion (600 billion yen) in Web3 development over the next five to six years.

As of late, however, the Bank of Japan has also declared that it intends to implement its official central bank digital currency pilot before May this year.

Modernizing Through The Power Of Gaming

JP Games CEO and former Square Enix executive Hajime Tabata will be leading the charge to modernize Japan “through the power of gaming.”

The joint effort was launched after all parties involved gave their stamp of approval to the idea, which they describe as an “industrial design initiative that leverages gaming technologies.”

It is planned to expand the project beyond Japan, at least to “businesses and government organizations outside of Japan,” after it has been piloted there. Japanese government Web3 adviser and game designer Hajime Tabata pioneered the idea.

Fujitsu’s press release makes brief reference to NFTs in the context of digital ownership but doesn’t elaborate on cryptocurrency or blockchain-based underpinnings.

Japan was an early proponent of cryptocurrency, but its regulations are among the most stringent in the world. It was one of the first nations to establish rules for the issuance of stablecoins.

After the publication of a proposal on Web3 policy by the Liberal Democratic Party of Japan, efforts are underway to develop an interconnected metaverse.

For Japan, this metaverse project is an opportunity to display leadership in international regulatory talks and strongly push the creation of an internationally competitive web3 business environment as part of its national plan.

-Featured image from Cryptoflies News