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Metaverse: Shanghai Plans $52 Billion Revolution!



 Shanghai aims to become the Metaverse leader! In a guide, the city's government proposes using incentives to attract innovative companies.


Another player wants a piece of the gigantic pie. This time it's not a company or even an app: no, it's the city of Shanghai! By 2025, those responsible want to build a USD 52 billion ecosystem - after all, the GDP of the entire country of Serbia.


Will we see the next Facebook operating out of Shanghai?


As far as the Metaverse is concerned, wild numbers have been thrown around lately: bundled forecasts of over 100 billion US dollars by 2025 are not uncommon in the digital world. These numbers are arguably enough to encourage the city of Shanghai to invest.


Will the next billion dollar app come from Shanghai?

The published document speaks of the goal of locating 10 innovative projects as well as 100 other companies by the year in question. Prerequisite: The companies must all be at home in the digital world with an international focus.


In order for a huge ecosystem to emerge in the future, the proposal includes various digital activities related to this. For example, the education sector should take place in the virtual world.


Does everything sound very vague?


At this point, it is probably still too early for the Chinese city to set criteria. However, those responsible also know that this has to help the company with a few extras. According to the document, investment subsidies, interest discounts and other advantages are being discussed.


So that nothing stands in the way of the Metaverse, further investments in "smart terminal technologies", the 5G network and artificial intelligence (AI) are planned. Special virtual reality (VR) headphones, robots and smart cars are referred to as smart terminal technologies.


The city had already mentioned in December of the previous year that it wanted to invest in the virtual reality of the future.


China, South Korea and Mark Zuckerberg are all investing in the Metaverse

It was only at the end of October 2021 that billionaire Mark Zuckerberg announced that he would rebrand his company Facebook to Meta . Whether he simply found no inspiration for better names remains to be seen.


When a $766 billion company makes a change like this, investors probably know it's time to look into the issue.


Other countries such as South Korea are planning investments of 177 million US dollars as part of the "Digital New Deal" - of course for Metaverse companies.


The communist country China, on the other hand, drew attention to itself last year with the mining and trading ban on crypto. That's why Shanghai's push comes somewhat unexpectedly.


Even China's banking regulator recently warned against investing in virtual world-related projects. In order for the state propaganda to be rounded off, one thing is still missing: News!


China's Economic Daily kept tempting its readers from the risks of crypto, speaking of how BTC might be worth nothing. It is all the more surprising that Shanghai is now pushing ahead with such plans.


As a European pioneer, Italy should be mentioned here in particular: The country, which is suffocating in debt, has at least 45 million US dollars left to invest in companies from the blockchain sector. From September, anyone who wants to implement business models in the AI, IoT or blockchain area can apply for funding.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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