By 2025, the Shanghai City Government aims to strengthen its efforts to develop a flexible business model.

Metaverse is growing as a technology that is attracting the attention of major countries and cities around the world.

Shanghai, China’s most populous city, has released a statement outlining its ambitions to become a hub for the crisis.

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A document published by the Shanghai government last week highlighted its goal of creating an economy worth around $52 billion by 2025.

The ambitious project aims to create a flexible market by “encouraging technological progress” with the latest virtual reality (VR) headsets, semiconductors, cloud computing, 5G, and various other emerging technologies.

Shanghai Building Big Companies In The Metaverse

Wu Jincheng, director of the Shanghai Economy and Information Technology Committee, said at a press conference that the money will be used to create 10 leading companies and 100 small enterprises that “specialize in the development of their products and services.”

The Metaverse is a 3D version of the Internet, where the digital and physical worlds intersect. It features a digital forum where users can connect and chat and includes social media, virtual reality, online gaming, and cryptocurrency.

Image: MyBC News

The plan also offers several goals that you can achieve, including the introduction of the digital sector to several products and industries, such as the establishment of real businesses, tourism, and other entertainment.

In the People’s Republic of China, Hong Kong, and Singapore, interest in non-fungible tokens and Metaverse has increased recently. Metaverse is often seen as the digital revolution that follows the Internet.

China High Metaverse Understanding

According to a survey conducted among Chinese Internet users in 2021, more than 70 percent of respondents said they had a good understanding of the situation.

Wu said that investing in digital platforms will “promote the development and upgrading of many businesses in the real economy” and that the aforementioned three sectors are expected to be worth $224 billion by 2025.

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More than 60 percent of Chinese Internet users, according to a survey conducted by Statista, clearly want to interact with what is happening. Business services are expected to follow the fulfillment of user needs and entertainment.

Meanwhile, the Italian Ministry of Finance announced last week that about $45 million will be set aside for companies that want to implement blockchain technology.

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Featured image from SCMP, chart from TradingView.com



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