The virtual world concept is rapidly growing as it continues to gain popularity among the top leading cities and countries globally. The most prominent city in China, Shanghai, has recently announced its plans to dominate the virtual space.
China To Build Companies In The Virtual Space
The regulators in Shanghai released their future roadmap last week where plans to dive deeper into the metaverse were highlighted. They plan to raise about $52 billion to execute their plans on the metaverse by 2025.
According to the published paper, Shanghai regulators aimed at fortifying the metaverse space by offering well-advanced technological solutions. To do this, they plan to provide the latest VR, semiconductors, 5G, and other upgraded metaverse tech gadgets.
Shanghai To Create Major Companies In The Metaverse
Wu Jincheng, the director of Shanghai’s regulatory panel, commented on the purposes of the proposed $52 billion fundraising. He said the regulators would build 10 huge and several smaller firms offering standard products and services in the metaverse.
In addition, the paper revealed that they plan to introduce digital features to some firms. Some of the features included digital tourism, entertainment, businesses, and other related components.
Wu Jincheng noted in his speech that investing in virtual space would improve and help many real-world businesses to grow. He added that by 2025, the net worth of the sector would have grown to about $224B.
Once the proposed components have been well integrated, the companies are expected to receive many business proposals all over the world.
The Metaverse Concept Keeps Growing Globally
The metaverse is popularly considered the next big thing after the internet. It is a juncture where both the physical world and the digital world intersect creating a 3D effect.
It enables users to take part in several real-world activities virtually irrespective of distance, race, country, etc. It uses cryptocurrency, VR, AR, online gaming, and other related gadgets to connect users to the virtual world.
In 2021, research was carried out on internet users in China which revealed that above 70% of the respondents ascertained that they have comprehensive knowledge about the metaverse concept.
Furthermore, about 60% of the respondents claimed to be engaged in social interaction in the virtual space. Apart from China, other Asian countries like Hong Kong reportedly had a significant increase in activities related to the metaverse and NFT industry.
Additionally, the Italian government recently announced that it has reserved about $45 million for metaverse development. He said it would be used to support firms that seek to venture into blockchain technology in the country.