Shandong Province in Ambitious $20.5bn Metaverse Development

    Published on:

    As the race to develop the metaverse continues, China’s Shandong province has released draft guidelines to develop an ambitious 150 billion yuan ($20.5 billion) metaverse market by 2025.

    As part of the plan, the state aims to develop a Metaverse-related industrial park and foster at least 100 Metaverse companies.

    Shandong joins other Chinese provinces such as Sichuan in building a similarly vast and diverse metaverse industry and laying out a strategy to claim the top spot in the digital economy.

    Diverse digital ecosystem

    Ministry authorities released a set of draft guidelines and sought feedback from the market to build a vast metaverse economy to overtake other Chinese provinces and become the leader in digital concepts.

    According to the guidelines, the metaverse is “a new virtual and physical integrated digital space that combines various information technologies such as virtual reality, digital twinning, blockchain, Internet of Things, 5G, 6G, and artificial intelligence.” .

    A high-level description of the metaverse is as follows: Reflects the seriousness of Shandong province We aim to leverage technology into a vast digital ecosystem and become a leader in the Metaverse industry.

    Although China banned all crypto transactions in 2021, it is still considering developing its own blockchain technology, with tech giants such as Alibaba and Tencent building their own consortium blockchains.

    The country has shown plans to build a blockchain shanghai infrastructure According to the city’s governor, the implementation of the project has been given a deadline of 2023 to 2025.

    part of national strategy

    Under this plan, the Shandong provincial government will support enterprises to apply for at least 3,000 domestic and foreign patents by 2025.

    The plan for Shandong Province is China’s second most populous province It is also consistent with the country’s broader efforts to grow its diverse Metaverse industry and become a global leader in this field, following Guangdong Province.

    In May, the government released a document to encourage innovation and development in the Web 3.0 industry.

    The Chinese government also wants Beijing to become a global innovation center for the digital economy.Beijing itself led the race We announced a two-year strategy to drive metaverse development and strengthen the tourism industry.

    Until a while ago, Sichuan It also released draft guidelines to expand the state’s Metaverse industry to $34.5 billion by 2025.

    According to Cryptopolitan, these developments show that “Shandong Province’s plans to dominate the metaverse and blockchain space are part of a larger national strategy.”

    Also read: Genesis Trading’s U.S. Spot Cryptocurrency Shutdown Raises User Suspicions

    battle of chinese cities

    In June of this year, the Nanjing city district known as Jiangning announced the outline of a three-year Metaverse development roadmap aimed at turning it into a multi-billion dollar Metaverse hub.

    Similar to Shandong, Jiangning’s plan also lists blockchain, AI, virtual reality, brain-computer interfaces, and the development of 50 research centers in these fields.

    Other Chinese cities such as Shanghai, Hangzhou, Suzhou and Zhengzhou have also announced ambitious plans to become leaders in the initiative in the country, on the sidelines of the Communist Party’s 20th National Congress to strengthen digitalisation.


    Leave a Reply

    Please enter your comment!
    Please enter your name here