The Metaverse is Part of Shanghai’s 5-Year Development Plan

The metaverse is a cutting-edge innovation and China has no intention of getting left behind. Shanghai, the largest city in the country and its financial hub, will encourage the use of the metaverse through its 5-year development plan. Through the use of the life changing technology, the city aims to increase human interactions with avatars in a 3D virtual world.

The Chinese commission is pursuing research into fundamental technologies, such as sensors, instantaneous interactions, and blockchain.

According to a CNBC translation of a Chinese report, Shanghai’s plan includes “encouraging the application of the metaverse in areas such as public services, business offices, social entertainment, industrial manufacturing, production safety, and electronic games.”

The specifics of the developments and timeline of the city’s metaverse are yet to be revealed, but can likely be expected in the near future.

On the Flipside

  • Baidu is a Chinese search engine company based in Beijing that has launched a metaverse known as Xi Rang. Users can experience virtual reality through headsets and handheld controllers.
  • Cryptocurrency is prohibited in China.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.