Chinese officials intend to invest heavily in the development of the metaverse and related equipment, as they predict a jump in the development of the industry by 2025.
The Shanghai city government plans to set up a 10 billion yuan ($1.5 billion) industry fund dedicated to the development of the metaverse. The funding will be used to create 10 large companies and 100 small firms that will specialize in this industry. This was stated by the head of the Shanghai Committee for Economics and Information Technology Wu Jincheng (Wu Jincheng).
There are three areas in which, according to the official, the Chinese authorities plan to succeed: low-carbon energy projects, smart terminal technology, products and services in the metaverse. Investments in the metaverse will contribute to the transformation of various sectors of the real economy, and not just the Web3 industry, a representative of the authorities of one of China’s largest metropolitan areas is sure. Jincheng is confident that the projected market value of the three aforementioned sectors of the economy will reach $224 billion by 2025.
Smart terminal technology refers to virtual reality (VR) headsets, smart home gadgets, robots, and vehicles. The Shanghai Committee for Economics and Information Technology plans to create two companies that will use smart terminals for healthcare, elderly care and public transportation.
Earlier, the Chinese authorities announced the need to introduce tougher measures to regulate the NFT markets, as the number of sites has grown five times over the past four months.
Source: Bits
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