Shanghai revealed a grand scheme to foster its tourism and culture sectors. The plan aims to generate 50 billion yuan (US$6.9 billion) from metaverse-related activities by the conclusion of 2025.
Shanghai strives to provide visitors with immersive experiences by integrating state-of-the-art technologies, like augmented reality (AR). Visitors can actively interact with renowned tourist attractions, envision exploring historical landmarks while receiving guidance from avatars, or enjoy metaverse-powered services that elevate their journey.
The city not only aims to revolutionize tourism but also strives to promote the expansion of digital artworks on blockchains. Shanghai explores incorporating these artworks into various platforms, like video games, to enhance the influence of the metaverse on the art and entertainment sectors.
Additionally, the city plans to captivate audiences and redefine the notion of celebrity by supporting metaverse entertainment businesses. This concept includes the rise of virtual idols.
Regarding its metaverse aspirations, the bustling city looks beyond the culture and tourism sector. In July 2022, it designated metaverse technology as one of its three focal areas for economic growth. The other two were intelligent terminals and low-carbon industries.
The Paris of the East anticipates an annual revenue of 350 billion yuan (approximately US$52 billion) from the metaverse industry by 2025.
Shanghai has proactively allocated a metaverse industrial fund worth US$1.4 billion to stimulate innovation and foster expansion.
China Bolsters Its Investments in Metaverse
China’s largest city and financial hub, Shanghai, emulates the steps taken by other major cities, like Beijing, Nanjing, and Zhengzhou. They have revealed ambitious metaverse initiatives. For instance Nanjing launched a platform for research on metaverse.
In February, China announced the development of a Blockchain Research Center in Beijing. To encourage metaverse companies in the city, Zhengzhou City, the capital of Henan province, initiated a 10 billion yuan ($1.4 billion) fund. There are plans to add an additional 50 billion yuan ($7.08 billion).