As iphone 3.0 gets closer and closer to shipping more and more companies give us a glimpse of what they have in store for all those iphone users. A Tokyo-based company called Genkii is working at creating a new 3D avatar-based virtual world [called Sparkle 3D] like Second Life and Project Entropia.

Apparently Genkii had been working on Sparkle 3D for quite some time, but they still have not released any details on when the app will be available. Sparkle will utilize the new iphone OS 3.0 technologies like peer to peer networking and the micro-payment system. The potential for a 3D avatar-based virtual world tailor-made for the iphone [and ipod touch] economy could be enormous for the company. According to TechCrunch, the company is now actively seeking angel investment to accelerate development of Sparkle 3D.

The only app Genkii has in the App Store is a $5 IM app that ties into your Second Life IM account. The company has also been working on its One Coin Comics project which aims to bring interactive comic book to the iphone masses.

Image via [TechCrunch]