Shanghai Aims To Grow $52 Billion Metaverse Cluster By 2025

Day after day, the concept of the metaverse is gaining momentum rapidly with the emergence of new ideas, technology and devices by various tech companies around the world. Countries and cities around the world are equally tapping into the opportunities the metaverse presents. Shanghai, the largest city in China by population is one such city around the world that is attracted to this and is interested in turning itself into an important centre for essential activities within the metaverse industry.

In a bid to achieve set goals, the Government of the city of Shanghai has rolled out a document that presents a group of guidelines. One of the main goals of this focus is to grow a $52 billion metaverse cluster in the city. This document has identified action plans and technologies that the city requires to focus on for this goal of building a metaverse economy. The document also discusses the establishment of 10 innovative enterprises that would be highly beneficial to the city.

The city of Shanghai will be the seat of these 10 innovative enterprises and over 100 companies that would showcase metaverse-related technologies and have international reach. The Shanghai document also discusses a series of tasks geared toward achieving its goal. Some of these tasks include adding digital components and footprints to a number of activities and existing sectors, encouraging virtual businesses, and supporting education with virtual reality, tourism and entertainment with a virtual element.

Although this document does not give an idea of how much money the city should invest in order to achieve the desired goal, it does mention the need for the government to put aside a series of special funds that ultimately support the metaverse industries. In accordance with laws and regulations, the government plan on offering investment subsidies, interest discounts, and other incentives to support research and development of technological innovations for the metaverse.

The document did mention core technologies that needed to be advanced to achieve set goals for the metaverse, this including display and processor tech. Other mentions in the document are data transmission technologies like 5G and artificial intelligence, all need to be improved.

Countries like South Korea have shown similar interest in the metaverse. The country presented a plan to invest $177 million into metaverse-related projects as part of the “Digital New Deal,” a national plan to modernize the country. Dubai is also not left out, the government is making moves to be metaverse ready, ready to give citizens the experience of a virtual reality government.