Shanghai Aims to Grow a $52 Billion Metaverse Cluster by 2025
Shanghai’s Government has proposed a series of guidelines to help the city transform into a metaverse power. Each technology that the municipality must focus on is described in the plan of action, helping to build a $25 billion metaverse economy while helping to establish 10 innovative companies in the area.
The metaverse has been attracted to major cities and countries in the world. Shanghai, the largest city in China by population, issued a document describing the plans to turn itself into a metaverse center for trade. An objective of this focus would be to establish a $52 billion metaverse cluster in the city.
At least 10 innovative leading enterprises in the metaverse industry will be located in the city. Furthermore, 100 companies that offer metaverse-related technologies are expected to be incorporated. The document proposes an integrated digital component to achieve this objective, which includes a number of tasks, such as adding a virtual element to various activities and sectors, such comme virtual businesses, education with virtual reality, and tourism and entertainment.
Although the document does not specify directly how much the city intends to invest to reach the desired goal, it does mention that the government will need to establish a series of special funds to support metaverse industries, offering investment subsidies and interest discounts.
As part of this document, a series of technologies should be advanced, including display and processor technology, to achieve a better metaverse in the future. The plan also mentions 5G and artificial intelligence in terms of data transmission.
South Korea has also been interested in the concept of the metaverse, which has proposed investing $177 million in metaverse-related projects as part of “the Digital New Deal,” a national strategy to modernize the country. Dubai is also making its government metaverse available so that citizens can experience the experiences of a virtual reality government.