Japan moves first with ambitious metaverse strategy

GB Market Commentary 01/03/2023

by Marcus Sotiriou

Japan has made progressive advancements toward embracing metaverse adoption, as a document has been signed by many Japanese tech and finance giants to form the Japan Metaverse Economic Zone.

Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, and TBT Lab were all involved in signing the agreement. The metaverse and digital asset platform will be based in a metaverse called Ryugukoku and operated by JP Games who will be designing the experience.

Other metaverses will function as cities, so people can roam around using avatars like an online game. It will be a multipurpose metaverse and digital asset platform that will allow member companies to share their technology with the users. Mizuho Financial Group, for example, will provide expertise on payments and metaverse tokens, and Mitsubishi UFJ Financial Group, who have their own digital asset platform, will support Web3 functions and global expansion plans.

Every user will use a unique identity and wallet service to transfer items (in the form of NFTs) and personal data between the metaverses.

The group members anticipate other companies around the world to be attracted to the Japan Metaverse Economic Zone, as they will be able to extend their business to this side of the world with greater ease.

How far away is the UK from launching its own metaverse strategy? The Japan Metaverse Economic Zone announcement could ring alarm bells for the UK government/financial giants.

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