Recently, the Chinese province of Zhejiang revealed its plan to improve its industry related to the metaverse. According to her goals, the valuation of her companies should reach $28.7 billion by 2025. But how will she get there? We summarize his action plan for you.
Zhejiang province unveils its goals
Recently, the Zhejiang region presented its metaverse aspirations. The Chinese province wants to become one of the most important Chinese hubs in the sector, with the goal of developing an industry estimated at $28.7 billion by 2025.
The program for the Chinese province is clear: it must develop as many commercial and industrial actors as possible in the technological fields. In fact, the province intends to create 10 leading companies in the metaverse, as well as 50 other companies that specialize in specific activities.
These companies will develop solutions in the areas of artificial intelligence, virtual reality and blockchain. Nevertheless, remember that the contributions produced by these technologies can affect all aspects of an economy, from medicine and industrial production, to education and entertainment.
Furthermore, the representatives of the province do not limit themselves to the economic development of the sector. Since the local propaganda and cyber security departments are involved in this development plan, a control of individuals in these future metaverses is not to be ruled out.
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The Chinese bet on the metaverse
In China, metaverses are seen as one sector of the future by the authorities in the various provinces. The country’s largest cities, such as Shanghai, Hangzhou and Wuhan, each revealed industrial and economic targets similar to the Zhejiang region.
Furthermore, last November, it is the Chinese government itself that has delved into the sector by unveiling its own goals. While the Chinese metaverse industry has raised a total of $780 million in fundraising, the latter could reach a value of $5.8 trillion by 2030, or 20% of the country’s GDP.
In the next few years, the country has the ambition to produce 25 million virtual reality headsets, as well as to improve devices related to olfactory experiences. As a result, the country directs its research towards the sensory enhancement of its products to increase users’ immersion in these virtual universes.
With its large industrial and technological groups, China has all the cards in its hand to impose itself in this highly innovative sector. But strong opponents like Meta and The Sandbox could come to compete with Chinese innovation.
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Source: SCMP, Yicai
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