Shanghai Is Cooking up Plans To Build a $52 Billion Metaverse Industry

Vignesh Karunanidhi
Shanghai Is Cooking up Plans To Build a $52 Billion Metaverse Industry
Source: Emerging Europe

Shanghai is betting big on the metaverse as it plans to build a $52 billion metaverse industry by the end of 2025. The financial hub of China is planning to develop its metaverse and tech industry.

The mission is to also help in aiding in the recovery of China’s economic conditions. Additionally, the city will also focus on the development of smart terminal industries and low-carbon projects.

These developments are aimed at providing assistance in future development and also speeding up the economic recovery. The details that were discussed in a press conference also stated that the sectors will be worth a combined value of $224 billion, or 1.5 trillion yuan, by the end of 2025.

“Industries such as the metaverse and smart terminals are expected to constantly spur new business schemes and models.” “These would give rise to ‘killer’ applications and popular products, releasing huge market value, said Wu Jincheng, head of Shanghai’s Economy and Information Technology Committee.

Source: The World Economic Forum

Shanghai government will fund 10 billion yuan in assets for the metaverse

In addition to all the developments and funding, the Shanghai government is also planning to provide 10 billion yuan in assets, particularly for the metaverse development. This funding will assist the Chinese metropolis in developing ten prominent corporations and 100 minor businesses, with the goal of launching at least 100 “benchmarking products” by 2025.

This move by the government puts a confusing stance on several crypto enthusiasts as China pushes away cryptocurrency and brings the metaverse closer to the country. The Chinese government and the Insurance Regulatory Commission have recently cautioned regarding the metaverse illegal fundraising schemes.

Following the bear market and falling price of bitcoin, the country’s Economic Daily newspaper warned users to stay away from cryptocurrencies. It also stated that bitcoin might be soon heading to zero.