To help the city of Shanghai become a metaverse power, the Government has created a set of guidelines. Each technology that the city needs to be focused on in order to reach its goals of creating a $52billion metaverse economy is defined by the plan of action. The municipality also has to help establish 10 companies.
Shanghai Establishes Metaverse Development Plan
It is becoming an emerging technology which is drawing the attention of many major countries around the world. Shanghai is the most populous city in China. It has published a plan for transforming itself into a major center of metaverse industry activity. The main goal of this document is to create a $52 million metaverse cluster within the city.
The city will house at most 10 leading metaverse companies and 100 technology-related businesses, each with an international reach. To achieve the goal, the document suggests a number of tasks, including adding a digital element to different sectors and activities such as education, tourism, entertainment, and virtual business.
Investing in The Metaverse
The document does not give any details about the amount of money that the city intends to invest, but it mentions that the government will need to create special funds for metaverse industry support. This would include interest discounting, investment subsidies, and other incentives as required by laws and regulations in support of technology research and innovation.
In the document, a number of core technologies are mentioned, such as display tech and processor tech. These technologies should be developed to create a better future metaverse. Plan also includes mentions of data transmission technologies, such as 5G and artificial Intelligence.
Other countries have been interested in the concept of the metaverse as well, including South Korea, which presented a plan to invest $177 million into metaverse-related projects as part of the “Digital New Deal,” a national plan to modernize the country. Dubai also plans to prepare its metaverse for government, so that citizens can experience virtual reality governments.
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