Japanese Giants Announce Metaverse Coin Partnership

MetaversePlanet February 28, 2023

0 2 minutes read

This metaverse coin has united Japanese conglomerates to create an interconnected metaverse. At Metaverseplanet.net, we have gathered the information about the metaverse partnership among these Japanese giants for your convenience.

Contents show

Japanese giants brought together metaverse coin

A consortium of major Japanese companies, including Mitsubishi, Fujitsu, and the banking giant Mizuho, has entered into an agreement to collaborate in establishing a ‘Metaverse Economic Zone’ within the country. The primary objective of this initiative is to construct an open metaverse infrastructure.

According to an official statement, the consortium, led by former Square Enix executive and JP Games CEO Hajime Tabata, aims to “modernize Japan through the influence of gaming.”

Under the agreement, participating companies will integrate their technologies and services, encompassing gamification and fintech, to develop the necessary technical framework. At present, the project is referred to as “Ryugukoku.”

This novel social infrastructure will serve as a platform for disseminating knowledge, marketing, and reforming work practices for local businesses. Users will have the opportunity to embark on an RPG-like journey through various virtual realms. Furthermore, the services could potentially extend beyond Japan to encompass other regions and governments.

Infrastructure will be provided for Metaverse coins

Japanese Giants Announce Metaverse Coin Partnership

Mizuho is set to provide the infrastructure for ‘metaverse coins,’ while Mitsubishi will contribute capabilities for ‘web3-type metaverse financial functions.’ Sompo Japan Insurance, on the other hand, will focus on insurance and risk policy development for the web3 era.

This initiative represents the efforts of established industry players to establish an open metaverse infrastructure that supports interoperability, allowing assets and characters to move seamlessly between various virtual worlds managed by different companies. It’s worth noting that the Open Metaverse Alliance (OMA) has been operational since 2021 and is managed by a decentralized autonomous organization (DAO).

Additionally, the Metaverse Standards Forum, a substantial and tech-oriented organization, backed by the Khronos Group, is actively working to expedite the adoption of common regulations for the online space. However, it’s important to mention that some of its founding members include companies like Meta and Microsoft.

Background of the deal

To meet the burgeoning demand for Digital Transformation (DX) through sandboxes within the business and government sectors, the participating companies will collaborate to amalgamate their individual technologies and services.

This will encompass areas such as gamification, FinTech, and ICT, with the ultimate goal of establishing an Open Metaverse Infrastructure tailored for enterprise use.