Shanghai Plans to Cultivate $52B Metaverse Industry by 2025

Shanghai is looking at « strengthening cutting-edge technological breakthroughs, » with a focus on virtual reality headsets, chips, cloud computing and 5G technology.

It also has plans to cultivate 10 « chain-owner » enterprises that will compete on an international scale, while creating more than 100 companies that master core metaverse technologies.

China’s most populated city drafted a metaverse development plan in December, in which it set out a five-year goal to increase research of underlying technologies including sensors and the use of blockchain.

Data compiled by Statista indicates that interest in non-fungible tokens (NFTs) and the metaverse is greater in China, Singapore and Hong Kong than in Europe or the U.S.