China has big plans for the metaverse

The authorities of Zhejiang, a coastal province of China, showed a plan for the development of the metaverse. The main idea will be to build a virtual world on its territory. As conceived by the authors of the plan, the industry of the metaverse will be estimated at $28,700,000,000.

Creating an ecosystem involves investment from several companies that will integrate technology into their activities. Thus, such large financial resources will have to be attracted. Zhejiang has a goal of becoming one of the world's largest metaverse hubs in China.

The paper, presented on December 15, outlines some of the actions needed to achieve the goal by 2025. Work will begin next year. According to the documents, 10 leaders of the metaverse industry will have to cooperate with 50 companies involved in the development of related technologies that will help in the implementation of virtual worlds.

These technologies mean work on Artificial Intelligence, virtuality and improvement of the blockchain system. It is noteworthy that, according to the idea described in the metaverse development document, technologies will be integrated into companies involved in the production of products, industrial design, medicine and others.

Working together might even bring in the help of the government, which can provide the necessary push for the metaverse. According to the documents, which were presented on December 15, the authorities of Zhejiang are really interested in the development of the metaverses.

For China, this is not the first time the country has made changes in the virtual worlds sector. In June, the Shanghai authorities showed a roadmap that outlines plans to create a metaverse cluster, the total cost of which will exceed $52,000,000.

Such developments in China became available and were planned, as many companies in this country showed great interest in the metaverse sector. On September 5, it became known that in China, the metaverse industry in total has already managed to raise about $780,000,000.

Analysts and experts from the world of cryptocurrencies have conducted studies according to which the amount of total investment in China's metaverse by 2030 can reach $5,800,000,000,000.

The well-known Chinese company Tencent, which invests in software from various fields, also did not stand aside and began to invest in the metaverse. They decided to create a separate division dedicated to the development of virtual worlds.

To achieve their goals, Tencent has recruited more than 300 employees who perform a variety of tasks related to research and beyond.

Although the authorities are interested in the development of the metaverse sector, they still believe that it is worth developing towards virtual worlds without excessive fanaticism. On November 10, the state newspaper Economic Daily published an article stating that "the metaverse industry sounds promising, but it may not be suitable for every region."