Today, ten companies announced their participation in the Japan Metaverse Economic Zone (JMEZ), which aims to build an open ecosystem for companies creating metaverse experiences. It is positioned as a digital transformation (DX) game that is part fantasy world, part real world.

Tentatively named RYUGUKOKU, the metaverses will feature role-playing game (RPG) themes for virtual worlds, including castles and cities.

Despite a strong gambling theme, the consortium is dominated by financial firms including Japan’s four largest banking groups MUFG, SMBC, Mizuho and Resona Group, as well as card firm JCB and insurance company SOMPO.

Key technology and gamification elements are provided by TBT Lab, and Toppan also integrates its metaverse and avatar technology. Fujitsu is the group’s main technology company and Mitsubishi will help with internationalization. Web3’s financial functions will be handled by MUFG, underwritten by SOMPO and technology by Fujitsu.

The infrastructure will enable interoperability between various metaverse offerings through a user passport system, allowing users to traverse worlds with NFTs, avatar clothing, and identities. The avatar system creates a digital twin of individuals, including their interests, hobbies, healthcare, and other personal information.

The identities of the users will be linked to the real world since some of the financial firms are involved in the authentication.

The point about avatars as digital twins clarifies the digital transformation and marketing objective. However, the group envisions purposes beyond marketing, including workplace environments, information dissemination, and “consumer experience transformation.”

This is not meant to be a purely Japanese metaverse game. The announcement was in English and there is a stated goal of engaging with companies and governments outside of Japan.

In a policy speech in October, Japan’s Prime Minister Fumio Kishida included the metaverse as a topic as part of his investment in digital transformation.