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Shanghai allocated $1.5 billion for the development of the metaverse
Metaverses are considered a promising area for investment. This is not only true for game developers or web designers; virtual space provides ideal conditions for introducing a variety of creative, fashion, and business products. The Shanghai government appreciated the potential of the sphere and decided to allocate $1.5 billion for the development of the metaverse. To support the sector authorities have developed a comprehensive program for 3 years.
It should be noted that the investment from the Shanghai government is the largest ever sent by states or companies in this industry. The program to support the metaverse and the digital economy as a whole includes the following items:
- development of cloud rendering technologies;
- supporting the implementation of blockchain and artificial intelligence solutions;
- launching a new service on the Shanghai Stock Exchange – digital asset trading.
In addition, the government intends to develop a new type of cultural tourism, which includes both real interaction and virtual, through the spread of metaverses. To this end, specialists are developing the Yuanlv Shanghai project, which allows you to get acquainted with Shanghai and its features using augmented reality technology.
The program pays special attention to the creation of blockchain games that can compete in the international game market. Authorities believe that there is now a shift from the use of traditional social networks to metaverses. The latter generate experiences of both real and digital interactions.
To accelerate the transition to metaverses, the Shanghai government plans to create digital twin factories, through which production processes can be improved and optimized.
Shanghai’s focus on virtual space is related to its desire to become an attractive platform for developers of metaverses. In addition, the city wants to overtake Hong Kong, which is now a popular option for testing metaverse, for example, there are three virtual spaces, among which is a project by Mark Zuckerberg.
A wide range of people became aware of the concept of the metaverse in 2021 when this word became one of the main ones in the world. And while the space was originally seen as a gaming space, the metaverse now offers a variety of training courses, business conferences, artist concerts, and more. According to data from last year, the virtual world development market is valued at $48 billion. It is projected to reach $678 billion by 2030. More and more big companies are releasing their metaverses, and well-known brands are competing to introduce their products there.
The space has long gone beyond just a game. There are no limits on the number of users, there is its own currency to be earned, and many other attributes inherent in the real world.