By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry.

The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities.

Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for metaverse activity.

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A document published by the Shanghai municipal government last week highlighted its aim to develop a metaverse economy worth approximately $52 billion by 2025.

The vast endeavor seeks to set a metaverse industry by “strengthening cutting-edge technological advances” with the newest virtual reality (VR) head-mounted screens, semiconductors, cloud computing, 5G, and a variety of other upcoming technologies.

Shanghai To Create Major Companies In The Metaverse

Wu Jincheng, director of Shanghai’s Economy and Information Technology Committee, stated at a news conference that the funding will be used to create 10 leading companies and 100 small-sized organizations that “specialize in benchmarking products and services.”

The Metaverse is a 3D version of the internet, where the digital and physical worlds intersect. It offers an immersive digital arena where users may connect and socialize by incorporating social media, virtual reality, online gaming, and cryptocurrency.