![\"shanghai\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/07\/shutterstock_503061271.jpg\")
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The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping to establish 10 innovative companies in the area.<\/strong><\/p>\n The metaverse is emerging as a technology that is attracting the interest of major countries and cities in the world. Shanghai, the largest city in China by population, has issued a document<\/a> where it presents a plan to turn itself into an important center for metaverse industry activities. One of the main goals of this focus is to grow a $52 billion metaverse cluster in the city.<\/p>\n To this end, the city plans to house at least 10 innovative leading enterprises in the metaverse industry, and 100 companies that present metaverse-related technologies, all of these with international reach. The document proposes a series of tasks to achieve this goal, which includes adding a digital component to different activities and sectors, such as the existence of virtual businesses, education with virtual reality, and tourism and entertainment with a virtual element.<\/p>\n While the document issued does not specify directly how much the city plans to invest to reach the desired goal, it does mention that the government would have to establish a series of special funds to support metaverse industries, offering investment subsidies, interest discounts, and other incentives in accordance with laws and regulations to support technology research and development.<\/p>\n The document also mentions a series of technologies, including display and processor tech, as some of the core technologies that should be advanced to achieve a better metaverse in the future. In the same way, data transmission technologies like 5G and artificial intelligence are also mentioned in the plan.<\/p>\n Other countries have been interested in the concept of the metaverse as well, including South Korea, which presented<\/a> a plan to invest $177 million into metaverse-related projects as part of the \u201cDigital New Deal,\u201d a national plan to modernize the country. Dubai is also moving<\/a> to make its government metaverse ready, to give the opportunity to its citizens of having the experience of a virtual reality government.<\/p>\nShanghai Establishes Metaverse Development Plan<\/h2>\n
Investing In the Metaverse<\/h2>\n