By 2025 China Aims At Developing Metaverse Industry Valuing Above $28 Billion

Presentation of Metaverse Industry Plan

A plan, containing the development of the Metaverse industry, has been submitted before the Chinese Government on 15th December by Zhenjiang Province.

In the plan, the coastal province of China has proposed to develop metaverse hubs across China on a mass-scale basis. The province aims at incorporating a unique metaverse industry valuing more than $28 Billion by 2025.

The province seeks participation in the project from the country’s tech giants which are already part of other metaverse projects.

The document, containing the development plan, highlights the activities which need to be carried out in the pursuit of the desired objective.

One such activity includes the integration of at least top-10 leading Chinese tech companies which are involved in the metaverse and associated projects.

For instance, the province is looking for inviting companies with an experience in virtual reality and artificial intelligence projects. Companies with experience in the blockchain would also be taken into account for the project.

Zhenjiang has suggested that such technologies shall be utilized in various processes for the purposes of attracting relevant entities.

The province further suggested that after onboarding relevant entities, the entities will provide industrial designs, including the designs of finished products.

It is confirmed that the 28 billion dollar industry development plan has already been handed over to the Government of China. Even the Government itself seems to be taking a keen interest in the development of the metaverse industry.

China’s Push on Metaverse

China is undoubtedly at the forefront of all ongoing and under-development metaverse and associated projects. This is so true even from the fact that several local entities in China showed keen interest in the metaverse industry.

It was also reported in September this year that metaverse and associated projects in China raised funds exceeding $800 Million.

It was further expected that China’s metaverse industry has the potential of becoming a $6 Trillion industry by the year 2030.

China’s Road to Building a Virtual World for Socializing

The interest in such projects could also be seen prominently in the Chinese Government.

Such projects are being backed by the Government for a long and a recent example was seen in the past month.

The Chinese Government itself carved out a plan which provided for carrying out a thorough research and review of virtual reality.

The research was to be funded for the purpose of examining the possibility of increasing the virtual reality experience.

On the basis of this plan, China wants to build a virtual world where online communities can socialize with each other.

China’s top tech giant is Tencent which also has become part of the metaverse and in this connection has established a separate wing.

The Chinese tech giant is currently looking to hire at least 300 individuals having an experience in metaverse and projects alike.

‘Metaverse Investment’ Concept Rejected

Yet there is one exception with regard to the metaverse in the official quarters. The exception is that the Chinese Government does not at all support the idea of ‘metaverse investment’. Instead, it totally rejects this concept.

On 10th November 2022, an article on the subject was published in a local newspaper which newspaper is backed by Government itself.

The article acknowledged the fact that the idea of having a virtual industry sounds unique and interesting. However, the article discouraged institutions from investing in virtual world products, landscapes, etc. on the pretext that ‘in the end nothing is real’.

No matter what the global market says, China has always been at the forefront of global technological breakthroughs.

Although China is out of the cryptocurrency competition, it does not mean it is out of the metaverse. It is important to mention here that it was China was the ruling country when it came to crypto adoption.

The US only rose to be the top country in terms of crypto adoption because China banned crypto entirely on its soil.

Even now, if China decides to enter the metaverse, it may become the leading country in terms of its adoption.