Japanese tech giant signs partnership agreement to develop its own metaverse economic region. A partnership agreement was signed on February 27 involving Mitsubishi Corporation, Fujitsu, and Mizuho Group, a leading Japanese financial provider.
The new business agreement aims to develop an open metaverse infrastructure, the “Ryukyu Kingdom”, to take advantage of more growth opportunities in the crypto world.
Significance of an open metaverse infrastructure
The open metaverse infrastructure integrates an interoperable system that is easily compatible with other platforms used in various industries. The new system will be the social vehicle for transforming the digital enterprise.
The partnership agreement requires key players to leverage their expertise and technology to develop the Metaverse economy. For this idea to gain momentum, partners will need to integrate gamification, fintech, and communication technology into the proposed system Ryugu.
According to the partnership documents, the Mizuho team was tasked with developing the Metaverse digital coin, while Mitsubishi was tasked with creating the Web3 financial platform. In addition, property and casualty insurers were faced with the challenge of creating risk policies consistent with Web3’s needs.
Hajime Tabata, CEO of JP Games, will be the team leader for the upcoming Metaverse project.
Japan reveals plans to explore the Metaverse universe
Additionally, the team plans to deploy an open metaverse infrastructure as a central information distribution point to improve performance in various sectors. Marketing and management departments will benefit more from the new system.
According to the partnership agreement, the proposed Metaverse project will expand to global markets in the long term. A February 27 report revealed plans to work with the government to push the project toward its objectives.
In the meantime, the new project reflects the progress of the ongoing Metaverse project in Japan. The Japanese prime minister is leading other players in building the proposed Metaverse economy by expanding support for non-fungible tokens (NFTs) and decentralized autonomous organization (DAO) projects. The prime minister’s proposal is in line with the regulator’s previous move to launch a Japanese DAO aimed at improving cryptocurrency activity in the country.
Nevertheless, Japan’s central bank is making a bold effort to launch a digital yen. To support the contribution of the Bank of Japan, the Khronos Group held a Metaverse event last June to promote the adoption of crypto-friendly regulations in Japan.
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