The Shanghai City Government proposed a set of guidelines to help him transition to a metaverse power. The action plan identifies each of the technologies the municipality needs to focus on in order to achieve the goals of building a $52 billion metaspace economy while helping to create 10 innovative companies in the area.
Shanghai creates a Metaverse development plan
The metaverse is emerging as a technology that is attracting the interest of the major countries and cities of the world. Shanghai, China’s largest city by population, has issued a document outlining a plan to become a major hub for activities in the metaverse industry. One of the main goals of this focus is to develop a $52 billion metaverse cluster in the city.
To this end, the city plans to host at least 10 innovative leading enterprises in the metaverse industry and 100 companies that showcase metaverse-related technologies, all of them with an international scope. The document proposes a series of tasks to achieve this goal, which includes adding a digital component to various activities and sectors, such as the existence of virtual business, education with virtual reality and tourism and entertainment with a virtual element.
Investing in the metaverse
While the released document does not directly specify how much the city plans to invest to achieve the desired goal, it mentions that the government will need to create a series of special funds to support metaverse industries, offering investment subsidies, interest rebates and other incentives in line with with laws and regulations to support technological research and development.
The paper also mentions a series of technologies, including display and processor technology, as some of the core technologies that need to be refined to achieve a better metauniverse in the future. Similarly, the plan also mentions data transmission technologies such as 5G and artificial intelligence.
Other countries are also interested in the metaverse concept, including South Korea, which unveiled a plan to invest $177 million in metaverse-related projects as part of the “New Digital Course,” a national plan to modernize the country. Dubai is also looking to prepare its government metaverse to enable its citizens to experience a virtual reality government.
What do you think of Shanghai and his goals in the metaverse? Let us know in the comments section below.
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