Mitsubishi, Fujitsu and Other Tech Firms to Create ‘Japan Metaverse Economic Zone’

The agreement is aimed at creating the infrastructure for an open metaverse and “updating Japan through the power of games.”

AccessTimeIconFeb 27, 2023 at 11:24 p.m. UTC
Updated Feb 28, 2023 at 2:54 p.m. UTC

Several major Japanese technology, manufacturing and finance firms are teaming up to create the infrastructure for an open metaverse to propel the nation’s Web3 strategy.

IT services company Fujitsu said Monday in a press release it's collaborating with nine other companies, including automobile manufacturer Mitsubishi and global bank Mizuho, to create an interoperable metaverse structure called Ryugukoku (TBD) that will be used to expand the “Japan Metaverse Economic Zone.”

The goal of the metaverse alliance is to help build the framework for corporations to tap into Web3 marketing, work reform and consumer experience initiatives, the press release said. Ryugukoku (TBD) will serve as a virtual world to connect users to different Web3 services created by companies and government agencies.

The platform will also implement “Auto-Learning Avatars,” which collect users’ information to provide a personalized metaverse experience. The “Pegasus World Kit” will help users create gamified metaverse experiences and its “Multi-Magic Passport” will provide identification and payment methods to facilitate interoperability within the metaverse space.

Japan has been working to integrate Web3 technology into its national agenda. In October, Prime Minister Fumio Kishia said the country would be investing in digital transformation services, including non-fungible tokens (NFT) and the metaverse. In November, the country’s Digital Ministry laid plans to create a decentralized autonomous organization (DAO) to help government agencies enter Web3.


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Cam Thompson

Cam Thompson was a news reporter at CoinDesk.

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