The Chinese province, Zhejiang, to build a $28.7B valued metaverse industry in its territory.
The new initiative intends to encourage the development of the metaverse industry in China.
Zhejiang, a Chinese coastal province, to become one of the largest metaverse hubs in the country. According to a recent Chinese report, Zhejiang is eyeing to build a metaverse industry in its territory. The project is estimated to cost more than $28.7 billion by the year 2025.
The latest move from the Chinese province intends to encourage the development of the metaverse industry and create an ecosystem of numerous businesses using this technology.
Zhejiang to Become Metaverse Hub
The first phase of the development plan will begin in 2023. The initiative outlined several major objectives, including establishing a full supply chain and industry ecosystem, enhancing innovation, and fostering the use of metaverse applications in sectors such as e-commerce and entertainment.
To achieve the goals, Zhejiang plans to develop 10 industry leaders and 50 businesses with competence in AR, VR, MR, blockchain, and AI industries. These technologies will use in several processes to incorporate businesses involved in the creation of goods, industrial design, medical, and even the government into this metaverse drive.
Zhejiang is not the only Chinese region with a set of metaverse work plans. Since last year, authorities in many leading cities, including Shanghai, Hangzhou, and Wuhan have presented such plans. More Chinese businesses have expressed an interest in creating related technology. So, China is quickly becoming a hub for metaverse projects.
Moreover, China’s metaverse sector has reportedly raised $780 million. It is also predicted that the amount will reach $5.8 trillion by 2030.