Shanghai Metaverse Development Plan Targets 52 Billion USD Cluster by 2025

Shanghai Metaverse Development Plan Targets 52 Billion USD Cluster by 2025

The city of Shanghai has developed a comprehensive plan to transition into a metaverse power. The plan of action defines the technologies to achieve the goals of building a 52 billion USD metaverse economy. The plan also includes the establishment of ten innovative companies in the area.

Development Plan to House Ten Innovative Enterprises

The metaverse is emerging as a technology that is attracting the interest of countries and cities across the world. Shanghai, the largest populated city in China, has developed a plan to establish itself as an important hub for metaverse-related activities. One of the main goals is to grow a 52 billion USD metaverse cluster in the city.

To achieve the ambitious goal, the city plans to house at least ten major innovative enterprises in the metaverse segment and several hundred companies offering metaverse-related technologies with an international reach. The document has outlined a series of steps to achieve the goal, which includes adding a digital component to different activities and sectors, such as the existence of virtual businesses, education, tourism, and entertainment.

Investment in the Metaverse

However, the document does not specify the investment plan to achieve the desired goal. It only mentions that the government would have to support the project objectives with a series of special funds for the metaverse sector. It can be in the form of investment subsidies, interest discounts, and other incentives as per laws and regulations for research and development activities.

The document also mentions technologies, including display and processor technology, as some of the core areas requiring focus to achieve a better metaverse in the future. It also includes data transmission technologies like 5G and artificial intelligence.

Dubai and South Korea have already been drawn to the metaverse concept. South Korea has presented a plan to invest 177 million USD in metaverse-related projects as part of the "Digital New Deal," a national plan of modernization of the country. Dubai is already moving ahead to establish government offices in the metaverse and is getting ready to offer its citizens the experience of a virtual reality government.