The Shanghai government is planning to roll out a metaverse-oriented industry fund worth around $1.5 billion.
Shanghai, also known as “The Pearl of Asia” and “The Paris of the East,” has recently revealed its plans to boost the metaverse industry worth around $52B.
According to the official policy paper issued on July 8th, the Shanghai government is planning to foster 10 leading “chain-owner” businesses, as well as over 100 smaller size companies, specializing in the metaverse, by rolling out an industrial fund worth 10 billion yuan (around $1.5B).
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On top of that, Shanghai, looking to boost its "cutting-edge technological breakthroughs," is expected to establish two metaverse-related industrial parks in Zhangjiang in the Pudong New Area and Caohejing in the Xuhui District. Likewise, the multi-cultural metropolis also intends to cultivate 10 industry titans and 1000 specialized businesses that will develop “industrial estates focused on low-carbon fields” and “high-end energy equipment.”
Wu Jinheng, head of Shanghai’s Economy and Information Technology Committee (SMCEIT), noted that the financing in the metaverse will eventually “drive the transformation and upgrading of many companies in the real economy.”
During a press conference held on June 8th, Wu mentioned that “industries such as the metaverse and smart terminals are expected to constantly spur new business schemes and models," have a “huge market value” and be worth $224B by 2025.
Interestingly enough, the news arrives after the China Banking and Insurance Regulatory Commission (CBIRC) issued a warning against illegal fundraising schemes related to the metaverse, as reported by Bloomberg.
In addition, the state-run Chinese newspaper Economic Daily also reminded the citizens of the risks that digital assets pose during the crypto bear market, as Bitcoin (BTC) currently sits at $19,837.
