Key Takeaways:
- Shanghai targets 350 Billion Yuan/ 52 Billion USD Industry by 2025
- Metaverse Follows China’s Five-Year-Plan To Focus On leading New Technology
- Tech Giants Are Bullish, But Crypto Regulations Still A Concern In The Region
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The Shanghai government has recently released a policy paper on its plan to step into the Metaverse.
This plan includes creating a fund of over 10 billion yuan (~$1.5 billion USD) in order to invest into the Metaverse and adjacent industries, such as virtual reality, processing chips, and cloud computing.
Their target goal is to grow this industry to a size of about 350 billion yuan, or $52 billion USD. Some aspects of the plan includes the cultivation of 10 “industry leaders” and 100 “small-sized firms”, according to South China Morning Post.
This move is not a surprise, following China’s 14th five-year-plan to focus on leading frontiers of new technology such as quantum computing and artificial intelligence. Blockchain, VR/AR and AI were also named as key trends.
Also Read: Is The Future Of The Metaverse Certain or Does It Need A Reality Check?
Shanghai’s Metaverse craze is not unique
Baidu, the tech giant of China, had also unveiled its Metaverse platform, Xi Rang (Land Of Hope), in December 2021. The co-founder of Alibaba, Joe Tsai, also tweeted positively regarding crypto in 2021.
However, this does not mean that the Chinese government is fully embracing cryptocurrencies yet.
Image Credit: CryptoPotato.com
After all, China has had a long history of banning crypto related activities since 2013, including a full crackdown on Bitcoin mining in May 2021, citing environmental concerns.
However, the allure of new tech and the craze over the Metaverse is definitely not stopping any time soon. The use-cases of NFTs and a new digital world could be key towards widespread adoption in the region.
In fact, the world’s first Metaverse fashion show, showcasing Dior’s 2022 Autumn Menswear, was held in China.
Is the Metaverse just a fad, or does growing interest from various sectors in China indicate something else? China’s step into the Metaverse is not new, but it might just shine a new light into Web 3.0
Also Read: Building The Foundations Of An Open Metaverse With Animoca Brands CEO
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Metanews
