Shanghai is leaning towards Metaverse in its development plan-

The Metaverse Cluster has witnessed explosive growth in 2020, and top companies either enter the field with potential projects or show a keen interest in joining the industry. The latest addition to the Yuanjie fan list is China’s global financial center Shanghai. The city government plans to inject the use of Metaverse into the public service ecosystem and may vigorously explore this field in the next five years.

According to the reportThe use of Metaverse is emphasized in the five-year development plan issued by the Shanghai Municipal Commission of Economy and Information Technology. The document lists four core areas that the committee is willing to explore in the next few years. Metaverse is one of the top areas on the list.The country looks forward to employment Metaverse Technology In various use cases including public services, social leisure, commercial entities, industrial manufacturing, electronic games, safe production, etc. The committee decided to promote sensors, real-time connectivity and blockchain technology.

China has made some sincere efforts to establish a central bank digital currency or CBDC. By releasing a digital biometric hardware wallet to support virtual meta projects, the country has successfully been at the forefront of the CBDC niche market. However, China’s recent suppression of crypto mining operations did raise questions about its stance on virtual currencies. The sudden closure of China’s mining industry provides opportunities for other countries to significantly expand their crypto clusters.

Top Chinese companies such as Baidu, Tencent and e-commerce giant Alibaba are actively working on Metaverse technology. With its highly anticipated joy, the Baidu expert team made the Metaverse application debut in this field for the first time, and the application will be fully unveiled in the next six years.Although the People’s Bank of China Metaverse use. Nearly 1,000 entities have submitted tens of thousands of trademark applications focusing on Metaverse. A report by the South China Morning Post showed that more than 1,360 companies have applied for 8,534 trademarks involving virtual technologies.

Recently, Metaverse has successfully developed into a hot topic for many global companies, of which Meta (earlier Facebook) is the entity that receives the most attention. The company changed its name to Meta to take advantage of the growing popularity of the term. Metaverse allows users to experience real fun in virtual spaces, especially in the field of video games. The continued support from the market space is likely to bring good results to Metaverse clusters.

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