Shanghai Envisages Nearly $7B Profits from Metaverse Investment

Shanghai Envisages Nearly $7B Profits from Metaverse Investment

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China’s economic hub and Industrial nerve center, Shanghai, released its blueprint for Metaverse investments in the culture and tourism sectors. The blueprint detailed its desire to leverage blockchain technology and also expand its investments in both the culture and tourism sectors.

Following the details of its blueprint, the goal is to create about 30 metaverse projects in the tourism industry by 2025. These projects will imitate landmarks in the real world. Among other things, this will create a more immersive experience for tourists that come to explore Shanghai.

In continuation, the project has a “smart tourism” component that will enable tourists to explore Shanghai City through augmented reality (AR), virtual tour guides, and digitally conceived musical performances. Another segment of the billion-dollar blueprint includes the extension of digital art into video games.

To accomplish its grand goals, the blueprint indicates that the virtual city will intersect with new technologies like artificial intelligence, cloud computing, blockchain, and extended reality. At the close of 2025, Shanghai investors envisage annual revenue of about $6.9B.  The $6.9B is an estimate they expect to arrive at after establishing a Metaverse industrial fund worth $1.4B.

The metaverse blueprint is built on Shanghai’s 2022 five-year digital economy plan. This confirms the 100% commitment the government has pledged towards exploring Technology. The exploration includes the development of Metaverse, NFTs, and the blockchain sectors.

Major cities in China are also counting on Metaverse’s revenue prospects. These cities include Hangzhou, Nanjing, and Zhengzhou, which recently revealed their metaverse strategies. Nanjing, for instance, has a three-year plan centered around attracting metaverse startups. These startups will help build the city into a virtual environment with an industry valuation of $2.7B. 

Besides deploying new technologies in tourism, Chinese administrators are exploring novel cases for tech in education. The Ministry of Education recently published a paper detailing the use of virtual classrooms and NFTs to record academic grades or qualifications.

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