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Tuesday, May 30, 2023

Shanghai Aims to Grow a $52 Billion Metaverse Cluster by 2025

Shanghai Aims to Grow a $52 Billion Metaverse Cluster by 2025 – Major countries and cities around the world are becoming interested in the metaverse as a technology. The most populous city in China, Shanghai, has issued a statement outlining its strategy for becoming a key hub for operations related to the metaverse business. The development of a $52 billion metaverse cluster in the city is one of the key objectives of this focus.

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In order to do this, the city intends to house at least 10 cutting-edge, industry-leading organizations in the metaverse sector and 100 companies that offer technology relevant to the metaverse, all of which have an international presence. In attempt to do this, the document suggests a number of actions, such as the creation of virtual businesses, the use of virtual reality in education, and the incorporation of technology into tourism and entertainment, to name a few.

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The released document mentions that the government would need to set up a number of special funds to support metaverse industries, offering investment subsidies, interest discounts, and other incentives in accordance with laws and regulations to support technology research and development, even though it does not directly state how much the city plans to invest to achieve the desired goal.

The document also lists a number of basic technologies that need to be improved in order to create a better metaverse in the future, including display and processing technology. Similarly, the strategy makes mention of artificial intelligence and 5G data transmission technologies.

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As part of the “Digital New Deal,” a national initiative to modernize the nation, South Korea proposed a plan to invest $177 million into projects related to the metaverse. Other countries have also shown interest in the idea of the metaverse. Dubai is likewise taking steps to prepare its government for the metaverse so that its residents would have the chance to interact with a virtual reality government.

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