Several of Japan’s leading companies in manufacturing, technology and finance have come together to create what they call “Economic zone of the metauniverse of Japan”. This is stated in press release, published yesterday. The goal is to create a framework for these corporations to leverage Web3 marketing, labor reform, and consumer experience initiatives.
The agreement was signed on February 16. It is concluded between JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu and TBT Lab.
The virtual space will serve as a multi-purpose Metaverse platform. It will be based in a virtual world called Ryugukoku, which will be managed by JP Games, which will develop the virtual economic zone.
However, the agreement includes the establishment Pegasus World Kit — a tool that will allow the involved parties to build their own Metaverse spaces within the economic zone.
Metauniverses will function like cities, allowing visitors to roam and access any virtual space using digital avatars. The experience mirrors the online game. To ensure that each Metaverse meets the requirements of its parent company, these organizations will provide specific details on how they expect to present their virtual universe.
In addition, each company contributes its expertise to the development of the Japanese Metaverse Economic Zone as a whole. For example, Mizuho Financial Group is expected to offer expertise in payments and tokens to the metauniverse.
On the other hand, Mitsubishi Financial Group will support Web3 functions for the zone and help with overseas expansion plans.
Access to Japan’s economic zone of the metaverse will require special identification
Once fully conceptualized, visitors will use a unique identity and wallet service called “Multi Magic Passport”, to make payments and move your personal data, including avatars, items and NFTs, between different metaverses.
Overall, the group hopes that other companies around the world will take the initiative and join. This should allow them to expand their business and services.