China’s coastal province Zhejiang has unveiled a metaverse development strategy that aims to establish a metaverse centre there.
By 2025, the strategy is to build an ecosystem of different businesses using this technology as part of its operations and encourage the development of a $28.7 billion metaverse sector.
Chinese province Zhenjiang unveiled its metaverse development strategy on December 15 with the goal of becoming one of the nation’s major metaverse hubs.
The strategy intends to create a $28.7 billion metaverse industry by 2025 through the incorporation of various active businesses.
One of these is the incubation of 50 startups, 10 industry leaders, and other metaverse-related essential technologies, such as blockchain, virtual reality, and artificial intelligence.
These technologies will be used in a variety of procedures to involve the government, industrial design firms, healthcare providers, and even businesses involved in product manufacture in this metaverse drive.
The strategy is similar to those already proposed and laid out by other Chinese local governments with an interest in the metaverse as a development component.
Due to the fact that many Chinese businesses have expressed interest in creating related technology, the country is fast emerging as a hub for metaverse projects.
The development of technology related to the metaverse is even of interest to the Chinese government.
The Chinese government announced a proposal to study virtual reality (VR) in November with the goal of developing the technology to create a more immersive experience.