Shanghai Aims to Create a Booming $6.9B Metaverse Industry by 2025
In Brief
By 2025, Shanghai aims to generate an annual revenue of 50 billion yuan ($6.9 billion) through immersive technologies enhancing cultural and tourism attractions.
The city plans to use augmented reality to provide interactive experiences, integrate AI, promote digital blockchain-based art, and embrace the metaverse entertainment industry.
By the end of 2025, China’s financial hub Shanghai expects to generate an annual revenue of 50 billion yuan ($6.9 billion) from metaverse projects, which will use immersive technologies to enhance its cultural and tourism attractions. The initiative is aligned with the city’s vision to become a global digital leader and to showcase its rich cultural legacy to domestic and international visitors.
Shanghai aims to build a diverse metaverse ecosystem, blending advanced technologies with its cultural offerings. The city plans to use augmented reality to offer interactive experiences at famous tourist attractions. This will allow exploring historic landmarks with avatar guides and accessing metaverse services.
China’s metropolis strives to integrate AI, boost digital artworks on blockchains, incorporate them into platforms like video games, and streamline the digital art market. In addition, the city supports metaverse entertainment businesses, including virtual celebrities.
In early 2023, Shanghai unveiled 20 metaverse use cases, including virtual hospital diagnoses, business operations, and digital recreations of iconic architectural landmarks.
Chinese Cities are in Favor of the Metaverse
Shanghai is not the only city in China embarking on metaverse initiatives. Other cities and provinces, such as Nanjing and Zhengzhou, Wuhan, and Hangzhou, have also unveiled metaverse plans.
Zhejiang aims to develop metaverse industries worth over $28 billion by 2025. The plan has several targets, such as creating an industry ecosystem and a supply chain, boosting innovation, and applying metaverse technologies in various sectors, like entertainment, e-commerce, product design and development, surgery practice, and government services. Zhejiang plans to train ten industry leaders and 50 companies with skills in AR, VR, XR, AI, and blockchain-related industries.
Nanjing initiated the “China Blockchain Technology and Application Innovation Platform.” The government-supported project promotes nationwide research and development in the metaverse while fostering collaboration between academic institutions and businesses. The city aims to become a leader in the metaverse industry, with a revenue goal of 135 billion yuan (around $19 billion) by 2025.
Read more:
- During Covid-19 lockdowns, Shanghai residents turn to NFTs
- Chinese metaverse industry raises $780 million, Tencent and NetEase are the leading companies
- China plans to boost VR to $48 billion by 2026
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
