Saturday, March 2, 2024

Mitsubishi, Fujitsu and Other Tech Firms to Create ‘Japan Metaverse Economic Zone’

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IT services company Fujitsu said that it’s collaborating with nine other companies, that includes automobile manufacturer Mitsubishi and global bank Mizuho, to create an interoperable metaverse structure called Ryugukoku (TBD) that will be used to expand the “Japan Metaverse Economic Zone.

Many major Japanese technology, manufacturing and finance firms are collaborating to create the infrastructure for an open Metaverse to propel the nation’s Web3 strategy. The platform will also execute “Auto-Learning Avatars,” which collect users’ information to provide a personalized metaverse experience. The “Pegasus World Kit” will help create gamified metaverse experiences and its “Multi-Magic Passport” will enable identification and payment methods to facilitate interoperability within the metaverse space to the users.

It has been heard that Japan has been trying to integrate Web3 technology into its national agenda. In October, Prime Minister Fumio Kishia said the country would be investing in digital transformation services, including non-fungible tokens (NFT) and the metaverse. In November, the country’s Digital Ministry laid plans to create a decentralized autonomous organization (DAO) to help government agencies enter Web3.

In a recent article, Anurag Wasnik, Innovation Leads at Atal Innovation Mission, NITI Aayog mentioned that “building a citizen-friendly meta-governance infrastructure will need a collaboration by experts from various disciplines, including designers, business model experts and lawyers, to mitigate any potential legal hurdles. The selection of this expert panel will be pivotal for robust meta-governance”.

Indian economy is estimated to reach 5 trillion by 2025-26 and 7 trillion by 2030, and the country also has 265 operational special economic zones (SEZs), a metaverse SEZ is nowhere featured in its plans till now. In spite of it Indian brands like Maruti Suzuki, Mondelez, HUL and Tata’s Tanishq have ventured into the space, Web3 remains an unregulated space with no guidelines from the consumer affairs ministry or any other agency of the government.  As Web3 allows users to portray themselves safely using avatars and even gives them command over their data, there are concerns. (mclaneedgers.com)

As Web3 allows users to portray themselves safely using avatars and even gives them command over their data, there are concerns over data security and privacy of user data as well.

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