Shanghai Eyes $6.9B Economic Boost From Metaverse Related Ventures

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    • Shanghai expects the culture and tourism sector to generate $6.9 billion in revenue from the Metaverse.
    • The city is embracing what it calls smart tourism, offering a range of products and services, including virtual performances and digital artwork.
    • China’s largest city and financial center announced Tuesday that it aims to build 30 cultural and tourism metaverse projects by the end of 2025.

    The city of Shanghai has unveiled a mega-plan that will allow its tourism and culture sector to generate 50 billion yuan (US$6.9 billion) in metaverse-related revenue by the end of 2025.

    The city announced Tuesday that it is embracing what it calls smart tourism, amid recent advances in artificial intelligence and augmented reality technology.

    Shanghai is China’s largest city and financial center. The city follows in the footsteps of Beijing, Nanjing, Zhengzhou and others, which have announced large-scale metaverse plans.

    Last August, Beijing announced a two-year Metaverse plan focusing on the tourism and education sectors. His five-year plan for Shanghai’s metaverse industry was announced long ago, but it appears to have scaled back from an initial goal of $350 billion in annual revenues of $52 billion by 2025. According to the July 2022 plan, Shanghai’s estimated budget is $1.4 billion for the Metaverse industry.

    Recently, the city of Zhengzhou, the capital of Henan province, launched a 10 billion yuan (about $1.4 billion) fund, with a further 50 billion yuan (about 70 million USD) in the future to encourage metaverse companies in the city. $80 million) is planned.

    In May 2023, the city of Nanjing launched the “China Blockchain Technology and Application Innovation Platform” project, which aims to promote Metaverse research in the country.

    China’s strategy to become a major player in the Metaverse economy appears to be government-led, in contrast to other countries where the private sector drives the campaign.

    Shanghai’s plan aims to build 30 cultural and tourism metaverse projects by the end of 2025. China’s capital’s Municipal Culture and Tourism Bureau plans to utilize the Metaverse for various tourism and cultural products, including providing virtual performances and digital artwork.

    The project can also integrate Metaverse technology into the city’s real-world attractions, allowing visitors to interact with the site through augmented reality, and deploy avatars as tour guides, among other Metaverse services. It covers a wide range of metaverse industries, such as

    The city will support the integration of digital artwork with blockchain and video games, as well as the Metaverse entertainment business. Shanghai sees blockchain, augmented reality and artificial intelligence as key technologies for Metaverse development.


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