A coastal province called Zhejiang, in China is planning to build a US$28.7b industry metaverse by 2025, clubbing multiple companies together to facilitate technology development. The province presented the plan on December 15 as a part of its efforts to become one of the largest metaverse hubs.
Over the last few years, many Chinese provinces have expressed interest in developing metaverse-oriented technologies and making the country a metaverse hub. Recently, it was reported that the Chinese metaverse industry raises US$780m in funding and is expected to become a US$5.8 trillion industry in the coming decade.
In the presented document, Zhejiang authorities outline the idea and actions starting in 2023. One of these is the incubation of 50 startups, ten industry leaders, and other metaverse-related essential technologies, such as blockchain, virtual reality (VR), and artificial intelligence (AI). These technologies will bring companies together in production processes, industrial design, and governance.
Zhejiang’s document is not the only metaverse proposal. A few other local governments in China have also expressed their ideas outlining similar plans for developing a metaverse. In June, Shanghai also presented an industry metaverse roadmap for US$52m.