Shanghai will allocate 1 trillion yuan for the development of the metaverse

Shanghai will allocate 1 trillion yuan for the development of the metaverse

The Shanghai government has announced a plan to support the metaverse industry and the digital economy. It is designed for 3 years and involves investments of more than 1 trillion yuan (about $1.5 billion). This is the largest investment in the metaverse sphere among states and companies.

The authorities pay special attention to such points:

  • Support for cloud rendering, artificial intelligence and blockchain technologies.
  • Piloting the digital asset trading section of the Shanghai Stock Exchange.
  • New cultural tourism that combines virtual and real interaction. Shanghai is developing a new project called Yuanlv Shanghai – augmented reality walks around the city.
  • Development of original blockchain games with international competitiveness.
  • Transitioning from conventional social networks to meta-networks that collect all experiences in the digital and real world.
  • Building a digital twin factory. This helps accelerate production processes.

As you can see, Shanghai has very ambitious goals and plans. And there is clearly a desire to surpass Hong Kong. Recall that this city has become a testing ground for three metaverses at once, including the Zuckerberg metaverse.

Adam Spencer

Written by Adam Spencer

Author of the section "NFT".
A digital artist who releases his artwork under a pseudonym that is not disclosed on this site. Since childhood is fond of drawing and sculpture. A graduate of the Academy of Fine Arts. Passionate about both the creation of art and its history.
Has not passed him by and modern technology. He makes his works on the computer using a tablet. Master of Photoshop, Illustrator, 3ds Max and other less common specialized programs for designers and artists.
Got interested in NFT back in 2020, even before its popularity peaked. Believes NFT is a great technology that allows little-known artists to show their work to the world.

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