Recently, the Chinese province of Zhejiang unveiled its plan to improve its industry related to metaverses. According to her goals, the valuation of her companies should reach $28.7 billion in 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 aspirations regarding metaverses. The Chinese province wants to become one of the main Chinese hubs in the sector, with the objective of developing an industry estimated at 28.7 billion dollars by 2025.
The program of the Chinese province is clear: it must develop as many commercial and industrial players as possible in the technological fields. Indeed, the province plans to create 10 leading companies in the metaverses, as well as 50 other firms specializing 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 impact all aspects of an economy, from medicine and industrial production, to education and entertainment.
Moreover, the representatives of the province do not limit themselves to the economic development of the sector. Since the local propaganda and cybersecurity departments are involved in this development plan, a control of individuals in these future metaverses is not to be excluded.
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The Chinese bet on the metaverses
In China, metaverses are seen as a sector of the future by the authorities of the various provinces. The country’s largest cities, such as Shanghai, Hangzhou and Wuhan, each unveiled industrial and economic targets similar to the Zhejiang region.
Moreover, last November, it is the Chinese government itself that has immersed itself in the sector by unveiling its own objectives. While the Chinese metaverse industry has raised a total of $780 million in fundraising, the latter could reach a valuation of 5,800 billion dollars by 2030, or 20% of the country’s GDP.
For 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 improvement of its products to increase the immersion of users in these virtual universes.
With its major industrial and technological groups, China has all the cards in hand to impose itself in this very innovative sector. However, strong opponents like Meta and The Sandbox could come to compete with Chinese innovation.
👉 To go further, find our presentation of the Sandbox project
Dive into the Metaverse 🤖
Source: SCMP, Yicai
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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