The Shanghai city government has come up with a set of guidelines to help it transform into a metaverse power. The action plan defines each of the technologies the municipality needs to focus on to meet the goals of building a $52 billion metaverse economy, while helping to establish 10 innovative companies in the region.
Shanghai lays out metaverse development plan
The metaverse is emerging as a technology that is attracting the interest of major countries and cities around the world. Shanghai, China’s largest city by population, released a document where he lays out a plan to transform into a major center for metaverse industry activities. One of the main goals of this goal is to grow a $52 billion metaverse cluster in the city.
To this end, the city plans to house at least 10 innovative leading companies in the metaverse industry and 100 companies that showcase metaverse-related technologies, all of which are international in scope. The document proposes a series of tasks to achieve this goal, which includes adding a digital component to different activities and sectors, such as the existence of virtual businesses, education with virtual reality, tourism and entertainment with a virtual element.
Invest in the Metaverse
Although the published document does not directly state how much the city plans to invest to achieve the desired goal, it does mention that the government should establish a series of special funds to support metaverse industries, offering investment grants, interest reductions and other incentives in accordance with laws and regulations to support technological research and development.
The document also mentions a series of technologies, including display and processor technology, as some of the core technologies that should be advanced to get a better metaverse in the future. Similarly, data transmission technologies like 5G and artificial intelligence are also mentioned in the plan.
Other countries have also shown interest in the metaverse concept, including South Korea, which has presented a plan to invest $177 million in metaverse-related projects as part of the “Digital New Deal”, a national plan for the modernization of the country. Dubai is also preparing to prepare its government metaverse, to give its citizens the opportunity to experience government in virtual reality.
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