It sounds like Shanghai wants to bolster its support of the metaverse space as well as other technology-related industries. According to a recent press release from Shanghai government officials, this initiative aims to “build advantages for future development” in the metaverse space while making the Chinese municipality a “starting point for accelerating economic recovery.”
“[Industries] such as the metaverse and smart terminals are expected to constantly spur new business schemes and models,” said Wu Jincheng, the head of Shanghai’s Economy and Information Technology Committee. “[These would] give rise to ‘killer’ applications and popular products, releasing huge market value.”
The Shanghai government will support this initiative by backing the development of low-carbon projects and small terminal industries. Additionally, the government is looking to establish a $1.48 billion grant to fund the development of the metaverse industry. If the grant succeeds, it is believed that it will be able to support 10 leading companies and 100 small-sized firms by 2025.
It makes sense that Shanghai would want to bring more support to the metaverse industry. After all, a recent study from Grand View Research, Inc. estimated that the global metaverse market will be worth $678.8 billion by 2030.
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