A policy paper provided by the Shanghai city government on July 8 marked its strategy to develop a metaverse industry worth 350 billion yuan i.e. $52 billion by the end of 2025.
Shanghai is looking at strengthening cutting-edge technological breakthroughs, with an emphasis on virtual reality headsets, chips, cloud computing, and 5G technology. In addition, 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 framed a metaverse development plan in December, in which it set out a five-year goal to advance research of emerging technologies including sensors and the benefit of blockchain.
Data collected by many sources indicate that interest in (NFTs) and the metaverse is more lavish in China, Singapore, and Hong Kong rather than in Europe or the U.S.
Metaverse, crypto, and NFT-related news from china:
- WeChat in China restricts crypto and NFT related accounts
- China’s Financial Regulations for NFT Trading
- Citizens of China warned by Binance CEO over massive data breach
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