Home
News
- Shanghai is looking to grow its metaverse market.
- Current metaverse market cap totals $11.4 Billion.
- Korea and Dubai are also developing their metaverse markets.
China’s Tech Hub Stepping Into Metaverse?
The tree of metaverse is expanding its roots all over the globe. From places of employment and restaurants to tourism and travel, this concept is catching the eyes of several persisting industries. Even leading global banks like Morgan Stanley thinks that the space can become an $8 Trillion market. The Shanghai metaverse document is the latest boost to this sector.
Recently, a document issued by the Shanghai government revealed their metaverse plan. The tech hub wants to increase this digital market to $52 Billion by the year 2025. This strategy will introduce 10 innovative enterprises and 100 tech organizations linked to the metaverse. They will fuel the development to a whole new level.
The Shanghai metaverse report includes activities to attain the ultimate objective. In short, they want to insert the digital element into routines and industries. For instance, travel and tourism, education sector, digital businesses and more. As of now, it is unclear how much the authorities are willing to invest in their strategy. But a cluster of different funds is there for future plans.
Authorities will make use of advanced processor and display technology for an improved and class metaverse. Also, transmission techs like 5G and Artificial Intelligence will play a crucial role in Shanghai Metaverse. China’s tech hub is already famous for its innovative mindset, and is among the greatest markets in the world.
Nations around the globe are attracted towards this technology. As per the reports, Korea is willing to throw $177 Million funds in the Digital New Deal. An initiative to modernize the nation. City of Gold, Dubai, is also looking into development of metaverse. It primarily aims to make their citizens experience authority through a virtual world.
How This May Impact The Sector?
The Shanghai metaverse plan is a boost for the metaverse industry. The enthusiasts all over the globe are already dreaming of a world similar to Ready Player One or Snow Crash. Initiatives like this, if implemented, become the ladder to achieve the desired success. The sector is already booming, and this inclusion might attract more organizations or even nations to work on the development of virtual realms.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
