SNEAK PEEK
- Shanghai is leaning on metaverse and blockchain to boost the economic growth of China.
- The government of Shanghai has planned an industry fund of 10 billion yuan, which is about $1.5 billion.
- Funds of the new industry will be invested in the metaverse, energy projects and smart terminals
Shanghai, China’s biggest, has dreams to lead China’s economic recovery through development in metaverse products and services, smart terminal technology and low-carbon energy projects.
According to The South China Morning post, the government of Shanghai has planned to create an industry fund of 10 billion yuan or $1.5 billion, exclusively for the development of metaverse.
Wu Jincheng, head of Shanghai’s Economy and Information Technology Committee, said that 10 popular companies as well as 100 small-sized firms will be created using the finances. All these companies will have expertise on outstanding products and services.
He further said that investing in the metaverse will upgrade many industries and by 2025, the combined market value of the three above-stated sectors would be $224 billion.
VR headsets, robots & smart vehicles and smart home gadgets come under smart terminal technology. The Committee intends to develop two companies that will enhance elderly care, healthcare and transportation by leveraging smart terminals.
Shanghai aims to promote 10 industry leaders and 1,000 expert companies to create low-carbon industrial fields for high-end energy equipment, hydrogen energy development and low-carbon metallurgy.
The Shanghai Municipal Commission of Economy and Information Technology hinted at the metaverse in December 2021, as one among its four frontiers for exploration.
Previously, Today NFT News reported that Alibaba and Tencent will check user IDs for NFT purchases, which further shows China’s evolving interest in technologies like NFTs and metaverse.
