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.
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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