A policy paper released by the Shanghai city government on July 8 outlined its strategy to cultivate a metaverse industry worth 350 billion yuan ($52 billion) by the end of 2025.
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Shanghai is looking at “strengthening cutting-edge technological breakthroughs,” with a focus on virtual reality headsets, chips, cloud computing and 5G technology.
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It also has plans to cultivate 10 “chain-owner” enterprises that will compete on an international scale, while creating more than 100 companies that master core metaverse technologies.
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China’s most populated city drafted a metaverse development plan in December, in which it set out a five-year goal to increase research of underlying technologies including sensors and the use of blockchain.
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Data compiled by Statista indicate that interest in NFT’s and the metaverse is greater in China, Singapore and Hong Kong than in Europe or the U.S.
