In Japan, a group of well-known technology companies have agreed to work together to create the Japan Metaverse Economic Zone and an open metaverse infrastructure called Ryugukoku. The agreement is intended to spark the next wave of metaverse development and create interoperable tools for users and developers across multiple platforms. The infrastructure will also serve as a new social infrastructure for enterprise digital transformation.

The companies that have signed the agreement will integrate their respective technologies and services to create Ryugukoku, which includes gamification, fintech, and information and communication technologies. The Japan Metaverse Economic Zone will be an ecosystem resulting from interoperability between the different metaverse services and platforms available to consumers in Japan. The agreement also mentions the future possibility of providing this infrastructure to companies and government agencies outside of Japan.

Japanese regulators have focused on the country’s fintech sector, with the country’s prime minister recognizing decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) as a way to support the government’s “Cool Japan” strategy. . The exploration of DAOs as governance tools dates back to November 2022, when Japan’s Digital Agency launched its own DAO. Also, the bank of japan has announced plans to launch its official central bank digital currency pilot by May 2023.

The collaboration between Japanese technology companies to create an open metaverse infrastructure reflects the growing interest in the metaverse globally. As countries around the world join the race to get involved, creating interoperable tools for users and developers across multiple platforms will be essential to the growth and development of the metaverse. Japan’s Metaverse Economic Zone and Ryugukoku have the potential to become a leading force in the development of the metaverse and could provide a model for other countries looking to build their own metaverse infrastructure.