Several Japanese companies have reached a provisional agreement to collaborate on the development of the “Japan Metaverse Economic Zone” in order to promote the nation’s digital economy.
All about RYUGUKOKU
The highly-ambitious project, known as “RYUGUKOKU (TBD)”, has seen Mizuho, Fujitsu, Resona, and several other renowned firms coming together to jointly develop the metaverse infrastructure for enterprises and individual users. RYUKYUKOKU is an upcoming virtual world featuring role-playing game (RPG) elements. Users can explore the metaverse, discover services that are expressed as cities or vehicles, and interact with them to experience new adventures.
The proposed project seeks to provide users with personalized data on health and hobbies, offering the capability for scalability. Users of the proposed RPG Editor can launch their own games on the platform, as well as benefit from the Multi Magic Passport (MMP), an authentication certificate providing a secure payment service.
Mizuho will utilize its banking expertise to offer payment services on the platform, while Sumitomo brings its gamification capabilities. Resona will conduct research in next-generation ID authentication and payment, and Sompo and Mitsubishi will handle risk analysis and expansion initiatives, respectively. No specific date has been set for the official launch, however, a media conference is planned for early summer. As stated in the official statement, the partnership is looking to attract a broad range of organizations to assist with the project.
Japan Forges Ahead in the Metaverse
Various Japanese companies are swiftly competing for a share of the metaverse market, which is being catalyzed by the enthusiasm of all metaverse users across the globe. Video game publishers such as Konami and Square Enix are evaluating the opportunities of forming virtual worlds and NFTs (Non-Fungible Tokens) around their best-selling titles.
The Sandbox recently declared a partnership with Japan-based Toei Animation, allowing for characters from the popular Dragon Ball franchise to enter its virtual world. This development comes in response to Prime Minister Fumion Kishida’s digital transformation strategy, which was released in October 2022 and highlighted NFTs and metaverse development as key objectives.