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The global interest in the invention of the metaverse is on the rise, and Japan is no exception. Accordingly, a group of well-known Japanese tech companies recently agreed to take the lead in creating the “Japan Metaverse Economic Zone.” This move is a significant step for a country often associated with being at the forefront of technological innovation.

The agreement signed by the companies also focuses on building an accessible metaverse platform named “Ryugukoku.” They expect this new initiative will spark the next wave of metaverse development. In addition, the metaverse infrastructure would create interoperable devices and tools for developers and users across different platforms.

It serves as a new infrastructure for enterprises and digital transformation. According to the agreement, firms who had signed would contribute their respective services and technologies to enhance the creation of Ryugukoku.

This includes FinTech, gamification, and information and communication technologies.

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Interoperability Amongst Metaverse Services And Platforms

The Metaverse Economic Zone in Japan is an ecosystem that would emanate via the interoperability amongst various metaverse services and platforms available to Japanese residents. The agreement highlights the possibility of providing this infrastructure to companies and government agencies outside Japan.

Several well-known Japanese companies, including Mitsubishi, TBT Lab, and Fujitsu, are part of this initiative. It is worth noting that Japanese regulators have been focusing on the country’s fintech sector for some time now.

On February 1st, the country’s Prime Minister recognized DAOs and non-fungible tokens (NFT) as the means to promote the government’s strategy of Cool Japan. This recognition is a significant milestone for the industry.

DAOs In Governance

However, the implementation of DAOs in governance could be traced back to November 2022, during the introduction of Japan’s Digital Agency. The agency aimed to promote using blockchain technology and DAOs to enhance government services.

Meanwhile, Japan’s apex Bank has announced its plans to create an official central bank digital currency pilot before May 2023. This move aligns with the bank’s goal of promoting innovation and ensuring the stability of Japan’s financial system.

Japan’s move to create its official Metaverse Economic unit and an open metaverse infrastructure is a significant step towards its digital transformation. The interoperability of different metaverse services and platforms will create a new social infrastructure that will benefit consumers and businesses.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.