Japan’s economy ministry to test cross-metaverse use of NFTs

Japan’s government will launch a week-long trial to examine the interoperability of NFTs on multiple metaverse platforms, as part of efforts to build a Web3 economic sector.

The trial will be held by the Ministry of Economy, Trade and Industry (METI) from December 12 to 19. It aims to gather users’ feedback on their experience of using one same NFT to enter multiple metaverses.

This will be the first event of the “Research Project for the Creation of Creator Economy in the Web 3.0 Era” announced in July. 

Officials say there are almost no examples as yet of linking multiple metaverse platforms and it will be rewarding to acquire experience through this trial.

The metaverse to be used in the project is “XR CLOUD” provided by monoAI technology and “SYNMN” by Synamon. In addition, BeyondConcept will hold events related to the metaverse in “MetaaniLand” built on XR CLOUD.

By possessing an NFT item for the trial, participating users will be able to take part in the event held at MetaaniLand on XR CLOUD (December 12, 20:00-21:00) through their wallet, and will also be able to enter the special exhibition space on SYNMN (December 13-19). This is an unprecedented attempt to allow visitors to enter and exit multiple metaverse platforms with a single NFT object.

The event at XR CLOUD will be first-come, first-served, with a maximum of 30 participants, featuring talks with creators on the future of the metaverse. Digital items will be displayed in the exhibition space at SYNMN, but only holders of this NFT object and those who have participated in the event at XR CLOUD can join.

Users who enter these two metaverse spaces will be asked to complete a questionnaire about the event and interoperability between the platforms.

Based on user feedback, the ministry intends to identify and resolve barriers to participation by creators and general users. Officials will then proceed to study measures for the development of the creator economy in the metaverse and Web3 domains.