In Japan, a group of well-known tech companies have agreed to work together to create the Japan Metaverse Economic Zone and an open metaverse infrastructure called Ryugukoku. The agreement aims to spark the next wave of metaverse development and create interoperable tools for users and developers across various 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 that will result from the interoperability between 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 been focusing on the country’s financial technology 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 goes back to November 2022 when Japan’s Digital Agency launched its own DAO. Additionally, the Bank of Japan has announced its plans to launch its official central bank digital currency pilot before May 2023.

The collaboration between Japanese tech companies to create an open metaverse infrastructure reflects the increasing interest in the metaverse globally. As countries all over the world join in the rush to get involved, the creation of interoperable tools for users and developers across various platforms will be essential for the growth and development of the metaverse. The Japan 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.

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