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.


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