The Zhejiang provincial government has said it intends to make the region one of the largest centers for the creation of metaverses in China. For this, the authorities are going to allocate a budget of $28.7 billion.
In the next two years, the province promises to create conditions for companies working with artificial intelligence (AI), virtual reality and blockchain. These technologies can be applied in food production, industry and medicine, the Zhejiang authorities are sure.
It is not only this Chinese province that is interested in the potential of the metaverses. In July, Shanghai presented a roadmap for the development of the metaverse, allocating $52 million for this. According to local media, the metaverse industry in China has already raised about $780 million, and this figure is expected to grow to $5.8 trillion by 2030.
In June, Tencent, one of China’s largest software developers, announced the creation of a dedicated division with more than 300 employees to work on virtual reality projects. And yet, despite the interest of local companies in the potential of the metaverse, the Chinese government believes that it can not be realized in every region, so you should not place high hopes on technologies that are “out of touch with reality.”
According to Citibank’s April forecast, in eight years the total market capitalization of the metaverse will be about $13 trillion, and the ecosystem by then will look much more diverse and complex.
Source: Bits
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