What is Shanghai’s Five-Year Plan for Metaverse Development

26 Aug 2022

Many nations and governments continuing to support crypto have created a supportive environment. One is the Shanghai government, aware of the need for these developments. In contrast to the rest of the globe, it has ensured its residents stay updated with advances. It has followed the development principles and offers its residents the chance to experiment with digital technologies. 

It has released the details of the 14th five-year plan, specifically developing digital technologies. Furthermore, it will contribute to the growth of the digital economy and draw investment to the state. It is a chance for financiers, developers, and other qualified individuals in the field of digital technology. Here is a quick summary of how the five-year plan of the Shanghai government would promote the growth of the mentioned technologies.

The Shanghai government has remained one of the leading competitors in developing digital technologies such as web 3.0.

Blockchain, NFTs, and Web3 are all mentioned in Shanghai's five-year plan. The local government is committed to assisting businesses exploring the NFT sector. Shanghai, the largest city in China, has made it clear that it wants to accelerate the development of technologies like blockchain, NFTs, the Metaverse, and Web3 during the course of the following five years.

Shanghai is one of the cities hosting China's trials for the adoption of blockchain technology. Several organizations have the chance to test blockchain software and hardware in association with the Cyberspace Administration of China in the host city of this intensive campaign. Education, healthcare, energy, finance, law, taxation, public services, manufacturing, and the quality market are just a few of the industries represented.

By encouraging the development of these cutting-edge technologies, they will likely see a significant boost, making blockchain, NFTs, Web 3, and the metaverse a reality in people's daily lives.


Combining the digital and physical economies

Combining the digital and physical economies

The regional organization stated that it would again actively promote the development of the sub-Metaverse center's industry, its expansion, and its integration with the local economy. In addition, the plan called for "strengthening the overall planning of the government, building a solid foundation for the Metaverse industry's digital infrastructure, building a systematic intellectual property protection system, and encouraging the creation of multi-level industry standards and consensus."

However, some fundamental concerns about government centralization persist despite extensive initiatives supporting web3 development. Be[In]Crypto had previously stated that China sees a bright future in blockchain technology, even if it continues to forbid private coins and pushes for stronger rules for NFTs.

In fact, Shanghai's five-year economic recovery plan was ineffective without using Web3, Metaverse, and NFTs. Therefore, the latest revelation occurs when unemployment is at alarmingly high levels, and China's GDP estimate has been revised downward. Goldman Sachs and Citi recently reduced their estimates of China's full-year GDP growth to 3.5% from 3.9% and 3.0% from 3.3%, respectively.


Metaverse as a strategy for Recovery

On the other hand, the growing Metaverse industry is fueling a recruiting boom in China, according to a recent report, even though many in the tech sector are feeling the squeeze from the uncertain global economy, which has led to layoffs and hiring freezes.

In particular, the plan emphasizes how the growth of the Metaverse is intimately tied to the construction of sub-center cities and the concentration of industrial activity. According to the statement, "It will stimulate enterprise development and Industrial cultivation, producing a whole chain pull, by relying on cultural tourism places, Grand Canal cultural belts, and characteristic towns, etc., through comprehensive opening scenarios."

Nevertheless, an estimated 4,000 Chinese businesses had increased their footprint in the Metaverse as of March. The Hang Seng China Metaverse Index, which tracks the performance of Chinese businesses engaged in metaverse businesses, was introduced in June.


Shanghai Will Establish Important Businesses In The Metaverse

At a press conference, Wu Jincheng, the director of Shanghai's Economy and Information Technology Committee, announced that the money would be utilized to establish 10 top 100 small businesses that "specialize in comparing products and services."

The intersection of the real and digital worlds is known as the Metaverse, a 3D version of the internet. By combining social networking, virtual reality, online gaming, and cryptocurrency, it provides a compelling digital environment where users may interact and communicate.

The strategy paper also lists several goals, such as adding a digital element to many endeavors and sectors, including creating virtual businesses, virtual travel, and associated entertainment.

Recently, there has been a rise in interest in non-fungible tokens and the Metaverse in the People's Republic of China, Hong Kong, and Singapore. The Metaverse is frequently thought of as the second digital revolution after the internet.


China's Superior Metaverse Understanding

China's Superior Metaverse Understanding

In a poll of Chinese internet users conducted in 2021, more than 70% of participants claimed to have a sufficient understanding of the metaverse.

Wu stated that the three aforementioned industries are expected to be worth $224 billion by 2025 and that investments made in the digital space "would stimulate the development and upgrading of various firms in the real economy."

According to a Statista report, more than 60% of internet users in China want to interact with others in the metaverse. It is predicted that business applications will come when the user experience and entertainment components are finished.

While this is going on, the Italian Ministry of Economic Development said last week that some $45 million would be set aside for businesses looking to launch blockchain ventures.

A growth agency dedicated to assisting companies in thriving in the future is Royex Metaverse. Set up a quick chat with us to see how your company can take advantage of the many business prospects in this fascinating realm.

We'll assist you in determining where to begin, the most important elements of Metaverse to be aware of, and how your company fits into everything.

The book "Metaverse - The Future Is Here" is the definitive guide to learning about the emerging technology Metaverse. You will find in-depth information on the origins of the Metaverse, its evolution, how we can access it, the different Metaverse platforms available, and the technologies powering it; apart from the basics, the book also elaborates on how businesses can enter the Metaverse, various marketing strategies, its use cases for various industries, social and legal implications, and discusses what Metaverse in the future will look like.

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