Shanghai Sets Its Sights on Metaverse Development, Expects $6.9 Billion Revenues by 2025

Shanghai, also known as the financial capital of China, is the state’s largest city with a population of over 29 million. Its size is synonymous with its ambitions, it's the city with many historical sites such as City God Temple, and is the world’s busiest container port.

Now, the city has unveiled even more ambitious plants - but this time for the up-and-coming metaverse.

Shanghai has announced plans to establish at least 30 culture and tourism metaverse projects by 2025, aiming to capitalize on the growing trend of virtual experiences and digital realms.

Shanghai and Smart Tourism

Recognizing the potential of the metaverse, Shanghai is not the only Chinese city that seeks to leverage the growing technology. Zhengzhou, the capital of Henan province, recently launched a fund of approximately $1.4 billion to attract metaverse companies, with an additional $7.08 billion earmarked for future investments. Similarly, Nanjing City is making strides in metaverse research through its "Blockchain Technology and Application Innovation Platform of China" project.

Shanghai is placing its bets on smart tourism, incorporating elements such as virtual performances, augmented reality, digital artwork, and artificial intelligence. The city seeks to leverage these technologies, aiming to enhance the visitor experience, attract more tourists, and generate substantial economic benefits

China’s Metaverse

The move comes as part of a broader national push towards the metaverse in China. Last year, Beijing outlined a two-year metaverse plan targeting the tourism and education sectors.  

China initiated a VR(virtual reality) viewing of the world cup sports event in which 6 state-authorized channels utilize the metaverse-driven technology. The event was by the Chinese government’s 5-year plan for developing virtual reality technology within its own industry.

The rise of the metaverse presents ample opportunities for businesses and states to provide users with new immersive experiences, social interactions, and enhanced innovative business models.

China is one of the first countries to see the metaverse’s potential to reshape various industries, and it seems it has no plans to slow down its projects. Shanghai's ambitious metaverse plans reflect its desire to position itself as a leader in this emerging industry and tap into the substantial economic potential it offers.

As the metaverse continues to evolve, Shanghai's efforts highlight the growing importance of virtual experiences and digital realms, not only as a form of entertainment but also as a driving force for economic growth and innovation. The success of Shanghai's metaverse initiatives will benefit the city and have broader implications for the development of the metaverse industry in China and beyond.