Several major Japanese tech, manufacturing, and financial firms joined together to form the Japan Metaverse Economic Zone (JMEZ), a Web3 alliance that will create the RYUGUKOKU (TBD) open Metaverse. The main goal is to promote Web3 initiatives in the region.
Ten Japanese companies teamed up to form the Japan Metaverse Economic Zone (JMEZ). The alliance members will work together to build the infrastructure of the RYUGUKOKU (TBD) Metaverse. According to a press release from Fujitsu, the partnership is intended to help corporations create a framework for using Web3 technologies for marketing purposes.
RYUGUKOKU (TBD) will serve as a virtual world for connecting users to various Web 3.0 services created by companies and government agencies. The JMEZ members include:
- Japanese bank holding company Mizuho Financial Group, Inc;
- Japan’s major banking corporation Sumitomo Mitsui Financial Group, Inc;
- banking giant MUFG Bank, Ltd;
- holding company Resona Holdings, Inc;
- Japan’s largest payment system JCB Co., Ltd;
- Japan’s major IT corporation and electronics manufacturer Fujitsu Limited;
- banking and financial holding company Mitsubishi UFJ Financial Group, Inc., which is one of the key companies of the Mitsubishi manufacturing group;
- technology company TBT Lab Inc;
- Sompo Japan Insurance, Inc;
- Japan’s global printing company Toppan Inc.
The alliance member companies will contribute to the development of the Web3 industry in the country, particularly Metaverse technologies. The areas of companies’ responsibility will be outlined in advance. For example, Sumitomo Mitsui Financial Group will promote the principles of gamification, and Mitsubishi UFJ Financial Group will participate in developing the financial components of the TBD Metaverse.
Recall that the Japanese government plans to invest in the Web3 sector, and its development is handled by the Ministry of Economy. In late 2022, the Digital Agency of Japan announced plans to create a decentralized autonomous organization (DAO) to help government agencies to master the Web 3.0 sphere.
