Shanghai Plans to Cultivate $52B Metaverse Industry by 2025
Shanghai wants to create more than 100 companies in a plan that focuses on virtual reality and increased connectivity.
A policy paper released by the Shanghai city government on July 8 outlined its strategy to cultivate a metaverse industry worth 350 billion yuan ($52 billion) by the end of 2025.
Shanghai is looking at “strengthening cutting-edge technological breakthroughs,” with a focus on virtual reality headsets, chips, cloud computing and 5G technology.
It also has plans to cultivate 10 “chain-owner” enterprises that will compete on an international scale, while creating more than 100 companies that master core metaverse technologies.
China’s most populated city drafted a metaverse development plan in December, in which it set out a five-year goal to increase research of underlying technologies including sensors and the use of blockchain.
Data compiled by Statista indicate that interest in NFT’s and the metaverse is greater in China, Singapore and Hong Kong than in Europe or the U.S.