Shanghai Allocates $1.5B to Metaverse Development Fund, targets 52 B$ , releases five-year plans for metaverse development
The city of Shanghai aims to lead China’s economic recovery by backing development in metaverse products and services, low-carbon energy projects and smart terminal technology.
China’s biggest city is banking on blockchain and the metaverse to accelerate the country’s economic growth
SOURCE: SHUTTERSTOCK
The South China Morning Post reported that the Shanghai government planned to establish an industry fund of 10 billion yuan in assets, or nearly $1.5 billion, dedicated to metaverse development.
This financing will go toward creating 10 “leading” companies and 100 small-sized firms that will specialize in “benchmarking products and services,” said Wu Jincheng, head of Shanghai’s Economy and Information Technology Committee, at a press conference on July 8.
Wu added that investment in the metaverse “will drive the transformation and upgrading of various industries in the real economy” and that there is “huge market value” in the three aforementioned sectors which are estimated to be worth a combined $224 billion by 2025.
Smart terminal technology refers to virtual reality headsets, smart home gadgets, robots and smart vehicles. Shanghai’s Economy and Information Technology Committee plans to develop two companies that will leverage smart terminals to improve healthcare, elderly care and transportation.
Additionally, Shanghai intends to “nurture” 10 industry leaders and 1,000 specialized companies that will build low-carbon industrial fields for hydrogen energy development, high-end energy equipment and low-carbon metallurgy.
In December 2021, the Shanghai Municipal Commission of Economy and Information Technology first mentioned the metaverse as one of its four “frontiers for exploration,” as part of the department’s five-year development plan in accordance with that of the central government’s.
https://blockworks.co/shanghai-allocates-1-5b-to-metaverse-development-fund/
By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry.
The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities.
Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for metaverse activity.
A document published by the Shanghai municipal government last week highlighted its aim to develop a metaverse economy worth approximately $52 billion by 2025.
Shanghai plans to develop a $52 billion metaverse industry by 2025 and wants to create more than 100 companies under the VR-focused plan. The document called for "encouragement of the application of the metaverse in areas such as government services, business offices, social entertainment, industrial production, industrial safety and electronic games."
The Chinese company Baidu held the first metaverse conference in China. The event was intended to commemorate the opening of the Baidu Metaverse app to developers.
1. Focus on cutting-edge technology breakthroughs and focus on virtual reality headsets, chips, cloud computing and 5G technology.
2. Develop 10 metaverse companies that compete internationally and create over 100 companies that create technologies for the metaverse.
3. A five-year plan has been developed to expand research into basic technologies, including motion sensors and blockchain.
4. Interest in non-fungible tokens (NFTs) and the metaverse is higher in China, Singapore and Hong Kong than in Europe or the US, according to Statista.