- Japan’s education and insurance industries embrace metaverse technology in 2023.
- Animoca Brands Japan invests in metaverse startups.
- Metaverse is estimated to have a market value of ¥100 trillion by 2030.
Metaverse technology is being applied in several industries in Japan. These include the education industry and the insurance industry. Additionally, metaverse-related firms are receiving funding from high-profile investors.
Education in Tokyo, Japan has been greatly aided by Metaverse technology. In Tokyo’s Hiroshima prefecture, a non-profit organization Katariba uses the metaverse to support the education of children through an online learning space named Room-K.
Room-K was formed by Katariba to assist nonattending students in receiving a proper education. The number of kids not attending elementary and junior high schools countrywide increased to 244,940 in the year ending March 2022, reports Japan’s Ministry of Education.
The online learning space allows students to learn remotely while providing them with a sense of belonging. Students can choose what they want to study, with programs lasting 45 minutes per session. They can also speak with avatars via video calls, which helps them improve their social skills.
Meanwhile, Tokio Marine & Nichido Fire Insurance will begin selling their products via the Virtual Akiba World platform. The insurer’s sales personnel and customers can communicate within the metaverse, making it the market’s first insurer to sell insurance through it.
Finally, Animoca Brands Japan invested $780,000 into metaverse startup Psych VR Lab as part of a $7.8 million funding round in December 2022. Psych VR Lab mainly offers a virtual reality space builder called Styly, which has been used by over 50,000 artists worldwide. In addition, Psych VR Lab previously collaborated with Anomica Brands Japan on June 2022 to create an art exhibition at NFT NYC.
It is estimated that 1 billion people will participate in metaverse activities by 2030, with a market value of ¥100 trillion or over $700 billion by that time.