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Shanghai Plans to Cultivate $52B Metaverse Industry by 2025
Shanghai wants to create more than 100 companies in a plan that focuses on virtual reality and increased connectivity.
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.
- Shanghai is looking at "strengthening cutting-edge technological breakthroughs," with a focus on virtual reality headsets, chips, cloud computing and 5G technology.
- 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.
- 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.
- Data compiled by Statista indicates that interest in non-fungible tokens (NFTs) and the metaverse is greater in China, Singapore and Hong Kong than in Europe or the U.S.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
