A policy document released on July 8 by the Shanghai city government has announced a 350 billion yuan ($52 billion) investment by the end of 2025. metaverse outlined the industry development strategy.
Shanghai, China’s Most Populous City, Aims to Make a New Breakthrough in Metaverse Technology
Shanghai aims to “power cutting-edge technological breakthroughs” by focusing on virtual reality headsets, chips, cloud computing and 5G technology.
It also plans to develop 10 “chain-owned” businesses that will compete internationally and produce more than 100 companies specializing in core Metaverse technologies.
Shanghai, China’s most populous city, set a five-year target last December to increase research on Metaverse’s core technologies, such as sensors and the use of Blockchain.
Data compiled by Statista show that interest in non-fungiable tokens (NFTs) and the Metaverse is greater in China, Singapore, and Hong Kong than in Europe or the United States.
However, recently, China’s cryptocurrency We have pointed out that the number of companies using Blockchain technology in this country is increasing, although it prohibits its trading and use.
However, China, which also banned Bitcoin mining in the same period, continues to be one of the most important Bitcoin mining centers in the world, according to the latest data. BTC mining in the country is most likely secretly carried out by the public at home. While China banned cryptocurrencies, it also cited their environmental damage as one of its reasons.