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- 1 China will provide its support to the metaverse-based project in Zhengzhou.
- 2 The government of this Chinese city issued a set of policy proposals on May 24th, Wednesday.
Metaverse, not a new term in today’s world, now attracted the attention of the officials of Zhengzhou. As of this Wednesday, the municipal government of this Chinese city issued a set of policy proposals. This proposal aims to provide support to the metaverse companies which operate within its jurisdiction. It also includes the plans to establish a nearly $1.42 Billion fund which is totally dedicated to the industry.
It can be said that metaverse is the key industry in China. While in the previous year, China has released its first national policy in the development of metaverse-linked technologies. These technologies included virtual reality (VR) and augmented Reality (AR).
Metaverse-based Proposal by Zhengzhou
The official policy has a series of cash benefits that can attract the projects that specially works in the metaverse industry. Also, to set up their shops in the capital of China’s Henan Province. As per the report, the metaverse companies which shift their headquarters to the capital of east-central China’s Henan province will become eligible to get a startup capital investment. The amount of this investment will be nearly up to $28.34 Million.
Not only that, but these companies will also receive some benefits like rent subsidies. While also will try their luck to get up to $710,000 for every project certified as workable by the municipal government.
However, the proposal added two specific areas of working by companies. In which the first one includes the research into metaverse-related technologies like VR, AR, and brain-computer interfaces. On the other hand, the second one has the adoption of metaverse technologies for the actual world industries such as education, entertainment and commerce.
The Funding Plans and Rewards
The industrial fund that the municipal government of Zhengzhou is planning to set is $1.41 Billion. This will further work with other government agencies and investment companies to issue $7.08 Billion in funding. This funding will provide support to metaverse-related development projects.
The cash reward will be given if the metaverse companies listed on the primary stock exchange of China. However, there is more clarity needed on the launch date for the allocation of the funds.
The funding policies also represent the future vision for Chinese city’s metaverse development. As per the policies the metaverse related industries of the city will reach an annual revenue total more than $28.34 Billion by 2025.
To show support towards the industry’s metaverse project, the capital of China’s Henan Province will also encourage the development of consortium and private blockchains. Moreover, this will also establish a digital asset market which is based on the non-fungible token (NFT) technology.
Earlier this year, GlobalData also shared its analysis report that states China will become leader in the metaverse technology this year. The country continues its development process in the tech-world that may work for its future achievements
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
