Shanghai Proceeds for $1.5B Metaverse Fundings

• China gets hit hard by different COVID variants. 
• Shanghai plans to invest largely into the metaverse, smart terminals, and energy resources.
• Numerous subsidiaries to be allotted for Metaverse firms in Shanghai.

Shanghai, the largest city of China, has now made up new plans to somehow regain the lost economy. Now, the plans are purely focused towards the future, and the current technology.

 In such aspects, the city of Shanghai has announced diversified allotments, and fundings towards various technological sources. This includes, the metaverse, the alternative energy sources, and smart technologies such as smart homes, smart gadgets, smart vehicles, robots, and much more. 

The South China Morning Post magazine officially revealed the news that Shanghai has already made up plans for the development of the nations on three primarily major future tech bridges. Accordingly, the Shanghai government will be investing about 10 Billion Yuan into the metaverse completely. This amounts to about $1.5 Billion approximately. 

The overall plan is to develop the metaverse industry on the whole. And so, the Shanghai government has declared that this $1.5 Billion fundings will proceed to top ten metaverse firms in Shanghai, and also for about nearly 100 small new startup firms based on metaverse. This includes products, services, maintenance and all related to metaverse. 

In spite of all this, the head of Shanghai’s Economy and Information Technology Committee, Wu Jincheng states that the development of metaverse will indirectly lead, and promote the development of many other major vital sectors and industries. Also, Wu Jincheng states that this will directly enable efficient economic growth for the nation on the whole. 

In spite of all this, Wu Jincheng adds that the developments upon the metaverse, efficient energy resources, and smart tech attributes combined together will amount to a growth of $224 Billion by the year 2025.