Japan in the wake of the Metaverse boom
“I think the Metaverse is going to be the successor to the mobile internet, and it's going to enable entirely new kinds of experiences.” - Facebook CEO Mark Zuckerberg.
As the world continues to embrace technology, the concept of the Metaverse has become increasingly popular. Metaverse is essentially a virtual reality space where users can interact with each other and the digital world. This concept has gained traction in recent years as people are looking for new and innovative ways to connect with each other and the digital world. In this article, we will provide a brief introduction to Metaverse and explore its potential impact on the future.
Fujitsu and Mitsubishi into the Metaverse
A group of major Japanese companies, including Mitsubishi and Fujitsu, have joined forces to establish a "Metaverse Economic Zone" in Japan. The objective is to develop an open metaverse infrastructure, integrating technologies and services such as gamification and fintech to create a new social infrastructure that can be used for information dissemination, marketing, and workstyle reform for domestic businesses.
The companies involved will build the technical infrastructure necessary to create a new type of digital environment, where users can engage in an RPG-like experience as they explore different realms. The service has the potential to expand beyond Japan to other jurisdictions and governments, enabling users to connect and interact with others in a new, immersive way.
As part of this initiative, the group will provide infrastructure for "metaverse coins" to enable users to transact within the metaverse, and Mitsubishi will develop "web3-type metaverse financial functions" to facilitate financial services within the metaverse. Ultimately, the goal of the project is to drive innovation and transform the traditional financial industry by embracing the future of economics - the Metaverse.
There are several reasons why leading Japanese companies are going towards Metaverse:
- The Metaverse economy is expected to be worth $1 trillion by 2030, according to a report by the investment firm, Outlier Ventures.
- In the Metaverse, players can earn real-world income by selling virtual goods and services. For example, in the game Second Life, users have earned over $100 million in virtual transactions since its launch. This trend is expected to continue as more people spend time in virtual environments and as the value of digital assets increases.
- Metaverse currencies, such as Ethereum and Decentraland, have seen significant price increases in recent years. For example, the price of Ethereum has increased from $10 in early 2017 to over $2,000 in early 2021, driven in part by the growth of the Metaverse and the use of Ethereum as a currency within virtual environments.
- The Metaverse has the potential to disrupt traditional industries and create new economic opportunities. For example, virtual real estate in the Metaverse is already being bought and sold for significant amounts, with some virtual properties selling for over $1 million. This has created new business opportunities for developers, architects, and designers who specialize in creating virtual environments.
- The Metaverse has the potential to create more equitable economic opportunities by allowing people to participate in the economy regardless of their physical location or socioeconomic status. For example, people in developing countries can participate in the Metaverse economy by creating and selling virtual goods and services, without the need for traditional infrastructure or capital. This has the potential to create more inclusive and accessible economic opportunities for people around the world.
Japanese companies are taking a major step towards building the Metaverse by establishing a collaborative effort to create a new Metaverse Economic Zone in Japan. By leveraging their combined expertise, these companies aim to develop an open metaverse infrastructure and create a new social infrastructure that has the potential to revolutionize the way businesses operate and people interact. With the development of "metaverse coins" and "web3-type metaverse financial functions," the project has the potential to transform the traditional financial industry and move it towards the future of economics.