Shanghai allots $1.5 billion for the construction of its metaverse fund. By fostering the growth of 10 large businesses and 100 small businesses, Shanghai will be able to introduce 100 new metaverse products and services by 2025.
China aspires to lead the public metaverse
The money will be used to launch 10 “high-tech” businesses and 100 smaller ones, according to Wu Jincheng, head of Shanghai’s economy and information technology committee, at a news conference on July 8. businesses who would concentrate on “benchmark products and services.”
Wu continued, “Investments in the metaverse will result in the transformation and upgrading of numerous businesses in the world,” adding that there is a ” significant market value ” that is predicted to reach $224 billion by 2025.
“Killer” apps and well-liked goods would result from these, creating enormous market value.
Robots, smart homes, virtual reality (VR) headsets, and smart cars are examples of smart terminal technology. The economy and IT committee in Shanghai intends to establish two businesses that will use smart terminals to enhance transportation, healthcare, and senior care.
Shanghai’s city development plan, which was issued in 2021, calls for “encouraging” the usage of metaverses in social entertainment, company offices, industrial manufacturing, production safety, and video games.
A metaverse-based recruitment tool was introduced in March by the government-backed Shanghai Data Exchange, allowing job seekers to virtually send their resumes to various departments.
The Shanghai government urged businesses to keep investigating VR and AR technology at its annual economic strategy meeting in December.
The American army is investigating these VR and AR technologies to train its soldiers, and this is happening on the opposite side of the globe.
The metaverse’s five-year plan, but it’s against cryptocurrency
The Shanghai Municipal Commission of Economy and Information Technology initially named the metaverse as one of its four ” frontiers to investigate ” in December 2021 as part of its five-year growth plan that was in line with that of the central government.
The national government has been more critical and reproachful than local behemoths like Alibaba and Tencent, which were the first to introduce metaverse efforts in China.
The China Banking and Insurance Regulatory Commission issued a warning against unauthorized fundraising techniques connected to the metaverse earlier this year.
The state-run daily Economic Daily has also discouraged residents from embracing cryptocurrencies and has warned investors of the risk of bitcoin “going to zero” as a result of the current slump in the cryptocurrency market.
As a result, China rejects the cryptocurrency alternative, and since last Sunday, riots have broken out in some areas of the nation as a result of bankruptcies there, which hinders users from withdrawing or spending their money.
China is consequently continuing its decentralized anti-crypto and anti-NFT policies while making significant investments in the metaverse for the sake of market dominance and use for governmental services. This demonstrates how any technology may be used to advance political party and state dominance in spite of its original intent.
