By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry.

The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities.

Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for metaverse activity.

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A document published by the Shanghai municipal government last week highlighted its aim to develop a metaverse economy worth approximately $52 billion by 2025.

The vast endeavor seeks to set a metaverse industry by “strengthening cutting-edge technological advances” with the newest virtual reality (VR) head-mounted screens, semiconductors, cloud computing, 5G, and a variety of other upcoming technologies.

Shanghai To Create Major Companies In The Metaverse

Wu Jincheng, director of Shanghai’s Economy and Information Technology Committee, stated at a news conference that the funding will be used to create 10 leading companies and 100 small-sized organizations that “specialize in benchmarking products and services.”

The Metaverse is a 3D version of the internet, where the digital and physical worlds intersect. It offers an immersive digital arena where users may connect and socialize by incorporating social media, virtual reality, online gaming, and cryptocurrency.

Image: MyBC News

The policy paper also offers a number of objectives to attain, including introducing a digital component to several activities and industries, such as the establishment of virtual enterprises, virtual tourism, and related entertainment.

In the People’s Republic of China, Hong Kong, and Singapore, interest in non-fungible tokens and the Metaverse has recently increased. The Metaverse is often seen as the subsequent digital revolution following the internet.

China’s High Metaverse Comprehension

According to a survey done among Chinese internet users in 2021, over 70 percent of respondents claimed to have an adequate comprehension of the metaverse.

Wu noted that investment in the digital arena “will promote the development and upgrading of numerous businesses in the real economy” and that the three aforementioned sectors are predicted to be worth $224 billion by 2025.

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Over 60 percent of Chinese internet users, according to a survey conducted by Statista, expressly intend to socialize in the metaverse. Business applications are anticipated to follow the completion of user experience and entertainment elements.

Meanwhile, the Italian Ministry of Economic Development stated last week that approximately $45 million will be put aside for companies wishing to establish blockchain initiatives.

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