Shanghai Tends To Grow $52 Billion In Metaverse Cluster By 2025
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- July 18, 2022
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Shanghai Tends To Grow $52 Billion In Metaverse
Day by day, the metaverse concept is rapidly gaining momentum with new ideas, technology, and tools emerging from various technology companies around the world. Countries and cities around the world are equally taking advantage of the opportunities offered by the metaverse. Shanghai, the most populous city in China, is one of those cities in the world that are attracted to this and are interested in becoming a major hub of core activities in the metaverse industry.
In an effort to achieve the stated goals, the Shanghai city government has produced a document presenting a set of guidelines. One of the main goals of this approach is to grow a $52 billion Metaverse block in the city. This document outlined the business plans and technologies the city should focus on for this goal of building a computing economy. The document also addresses the creation of 10 innovative companies that will benefit the city.
The city of Shanghai will be the headquarters of these 10 innovative companies and more than 100 companies that will exhibit technologies related to the computing and will have an international scale. The Shanghai Document also addresses a number of tasks to achieve its goal. Some of these tasks include adding digital components and fingerprints to a number of existing activities and sectors, promoting virtual businesses, and supporting virtual reality education, tourism, and entertainment with a virtual element.
Although this document does not give an idea of how much money the city must invest to achieve the desired goal, it does mention the need for the government to allocate a series of special funds that ultimately support metaphysical industries. In accordance with laws and regulations, the government plans to provide investment subsidies, interest rebates, and other incentives to support the research and development of technological innovations for metaverses.
The document indicated the core technologies that need to be developed to achieve the specific goals of the metaverse, including display and processor technology. Others mentioned in the document are data transmission technologies such as 5G and artificial intelligence, which need improvement.
Countries like South Korea have shown a similar interest in the metaverse. The country has unveiled a plan to invest $177 million in Metaverse-related projects as part of the “Digital New Deal,” a national plan to modernize the country. Dubai is not left out either, the government is taking steps to be ready for the metaverse, ready to give citizens a virtual reality government experience.
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