Shanghai Creates A Metaverse Development Fund, Which Worths Around $1.5B

Shanghai Creates A $1.5B Metaverse Development Fund

According to an article of the South China Morning Post, the Shanghai government intended to create an industry fund with assets worth 10 billion yuan, or around $1.5 billion, specifically for the development of the metaverse.

At a press conference on July 8, Wu Jincheng, the chairman of Shanghai’s Economy and Information Technology Committee, said that this funding would be used to establish 10 “leading” enterprises and 100 small businesses that would focus on “benchmarking products and services.”

Wu continued by stating that there is “huge market value” in the three aforementioned sectors, which are expected to be worth a combined $224 billion by 2025, and that investments in the metaverse “will drive the transformation and upgrading of various industries in the real economy.”

Virtual reality (VR) headsets, smart home devices, robotics, and smart cars are all examples of smart terminal technology. The Economy and Information Technology Committee in Shanghai intends to create two businesses that will use smart terminals to enhance transportation, healthcare, and senior care.

Shanghai also plans to “nurture” 1,000 specialized companies, 10 industry leaders, and hydrogen energy development, high-end energy equipment, and low-carbon metallurgy into low-carbon industrial domains.

Shanghai Five-year Plan

As part of its five-year growth plan in line with the central government’s, the Shanghai Municipal Commission of Economy and Information Technology originally identified the metaverse as one of its four “frontiers for exploration” in December 2021.

The agreement encouraged the use of the metaverse in social entertainment, industrial manufacturing, production safety, and electronic gaming, according to CNBC.

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