Chinese Zhejiang Province Aims to Build a $28.7 Billion Metaverse Industry by 2025
Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025. Zhejiang Presents Metaverse Development Plan
Zhenjiang, a Chinese province, presented its metaverse development plan on Dec. 15, aiming to become one of the biggest metaverse hubs in the country. The plan, which contemplates the integration of several active companies into the metaverse, aims to produce a $28.7 billion metaverse industry by 2025.
In the document, the province outlines the actions that it will need to reach its goal, starting in 2023. One of these includes the incubation of 10 industry leaders and 50 companies involved in several of the key technologies related to the metaverse, like AI (artificial intelligence), VR (virtual reality), and even blockchain.
These technologies will be applied to several processes to integrate companies dedicated to product production, industrial design, medicine, and even the government to this metaverse push.
The document mirrors plans already laid out and presented by other Chinese local governments that are also interested in the metaverse as a development element. In June Shanghai presented its own roadmap to becoming a $52 million metaverse cluster. China’s Metaverse Bet
China is becoming a hotbed for metaverse projects, as several companies in the country have shown interest in developing related tech. On Sept. 5, local sources reported that the metaverse industry in the country had raised $780 million, with the expectation of this number to grow to $5.8 trillion by 2030.
Even the Chinese government is also interested in the development of metaverse-related tech. In November, the Chinese government presented a plan to research virtual reality (VR), in order to advance the technologies to build a more immersive experience. The same plan contemplates the construction of a virtual social world that would allow users to socialize and communicate online.
Chinese software behemoth Tencent has already jumped on the metaverse van, creating its own division dedicated to this area and aiming to employ more than 300 workers in different tasks and projects.
However, the government has criticized the euphoria that is brewing when it comes to metaverse-related investments. State-run newspaper Economic Daily published an article on Nov. 10 that warns about this, stating that “the metaverse industry sounds promising, but it may not fit every region. Be wary of feverishly following suit and betting big on it while detached from reality.” Tags in this story AR, China, developmnet plan, economic daily, immersion, indusrty, Metaverse, Shanghai, Supply Chain, tencent, VR, Zhejiang
What do you think about Zhejiang’s metaverse development plan? Tell us in the comments section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Capgemini: Nine out of Ten Consumers Interested in the Metaverse METAVERSE | 3 days ago Nvidia Projects Automotive Industry to Include Metaverse Tech in Its Operations in 2023 METAVERSE | 7 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWeb3 Privacy Layer Aztec Raises $100 Million in Series B Funding Round to Produce an Encrypted Version of Ethereum Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether