Shanghai leads the metaverse?

Shanghai is allocating $ 1.5 billion in its metaverse development fund. This support will allow Shanghai to grow the emergence of 10 large companies and 100 small companies, which could launch 100 new metaverse products and services by 2025.

At a press conference on July 8, Wu Jincheng, chairman of Shanghai’s economy and information technology committee, said the funds would be used to create 10 “high-tech” companies and 100 small companies to focus onreference products and services“.

Wu goes on to say that there is “great market valuewhose value is expected to reach $ 224 billion by 2025, and that metaverse investmentslead to transformation and upgrading of various industries in the real economy.» [Ceux-ci] may cause applicationskillersand popular products, which open up huge market value. »

Smart terminal technology refers to virtual reality (VR) headsets, home gadgets, robots, and smart vehicles. The Shanghai economics and information technology committee plans to set up two companies that will utilize smart terminals to improve health care, care for the elderly and transportation.

According to CNBC, the Shanghai city development plan released in 2021 calls for “inspiration»The use of metaverses in public services, business offices, social entertainment, industrial manufacturing, production security and electronic games.

In March, the state-backed Shanghai Data Exchange launched a metaverse-based recruitment program, allowing job seekers to virtually submit their CVs to various departments.

At the annual economic agenda conference in December, the Shanghai government said it encouraged companies to continue researching VR and AR technologies.

On the other side of the world, we see the American military also looking at these VR and AR technologies to train its soldiers.

As part of its five-year plan to develop in line with that of the central government, the Shanghai Municipal Commission of Economy and Information Technology initially identified the metaverse as one of the four “boundaries of explorationin December 2021.

While local giants like Alibaba and Tencent were the first to launch initiatives in China’s metaverse, the national government was even more critical and cynical.

Earlier this year, the China Banking and Insurance Regulatory Commission issued a warning against illegal fundraising schemes involved in the metaverse.

And the recent downturn in the cryptocurrency market led to the state-run newspaper Economic Daily to prevent citizens from adopting cryptocurrencies and warn investors about the dangers of bitcoin ”towards zero“.

So China is rejecting the crypto option while since last Sunday protests have erupted in some parts of the country following China’s bankruptcy that prevented users from withdrawing or using their money.

China has therefore invested heavily in the metaverse, for the purpose of market dominance and use for services. public, while continuing the decentralized anti-crypto and anti-NFT policy. This shows that any technology can be diverted from its original purpose to strengthen a political party and state power.

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Alexis Patin

Observer of the monetary, economic and social revolution.

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