Several top companies in Japan that major in manufacturing, technology, and finance have teamed up to create what they term the “Japan Metaverse Economic Zone.” This is according to a press release seen yesterday. The goal is to create a framework for these corporations to tap into Web3 marketing, work reform, and consumer experience initiatives.

The agreement was signed on February 16. It’s between JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, and TBT Lab.

The virtual space will serve as a multipurpose Metaverse platform. It will be based in a virtual world dubbed Ryugukoku that will be operated by JP Games, who will design the virtual economic zone.

That said, the agreement includes the creation of a Pegasus World Kit, a tool that will allow the involved parties to build their own Metaverse spaces inside the economic zone.

The metaverses will function as cities, allowing visitors to roam and access any virtual space using digital avatars. The experience mirrors playing an online game. To guarantee each Metaverse meets its parent company’s demands, these organizations will chip in with specific details on what they expect their virtual universe to look like.

Additionally, each company contribute expertise for the development of the Japan Metaverse Economic Zone as a whole. For instance, Mizuho Financial Group is expected to offer expertise when it comes to the payments area and metaverse tokens.

On the other hand, Mitsubishi Financial Group will support Web3 functions for the zone and help with overseas expansion plans.

Once fully conceptualized and built, visitors will use a unique identification and wallet service dubbed “Multi Magic Passport” to make payments and move their personal data, including avatars, items, and NFTs, between various metaverses.

All in all, the group hopes other companies around the globe will be attracted to the initiative and join. This should allow them to expand their businesses and services.

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