Surprise Virtual City Investment Announcement from Shanghai

MetaversePlanet January 4, 2022

0 1 minute read

Metaverse, though still in its infancy, continues to attract global investments. Shanghai, China’s most populous city, has recently announced plans to incorporate metaverse in its five-year development strategy.

Without a doubt, the concept of the metaverse has become a hot topic lately. This ‘future of the internet’, where several tech giants have invested billions of dollars, is attracting global attention. Turkey is also among the countries that have embraced the metaverse frenzy. Recently, it was reported that over 20,000 metaverse plots were sold in Turkey, highlighting the growing interest in virtual land.

Unsurprisingly, the world’s largest countries are making substantial investments in the metaverse. China is a key player in this space. Previously, we reported that over 1,300 companies in China have made trademark applications and invested billions of dollars in the metaverse. Now, Shanghai, China’s most populous city, is taking another significant metaverse step.

As reported by CNBC, Shanghai has decided to incorporate the metaverse into its five-year development plan. The Shanghai Municipal Economy and Information Technologies Commission emphasizes the importance of integrating the metaverse into various sectors like public services, offices, entertainment, production safety, and industrial production while increasing incentives. The commission, however, has not shared a timeline for these plans but has stated that it will enhance its research into emerging technologies like blockchain.

State-affiliated media outlets have highlighted potential digital crimes, such as fraud, that could occur through the metaverse. Winston Ma, from New York University, discussed this issue with CNBC. Ma cautioned about potential restrictions against the metaverse, citing the restrictions the Chinese government imposed on tech giants, games, and cryptocurrencies in the past year.