Shanghai authorities plan to open a metaverse fund for almost $1.5 billion
Shanghai continues to be seriously interested in the metaverse. The city authorities announced that they are going to create a fund for ¥ 10 billion ($ 1.49 billion), the money from which will go to the development of the metaverse direction. They hope that thanks to the financing, Shanghai companies will launch at least 100 “benchmark-level products and services” by 2025.
Officials have estimated that in three years the combined value of the metaverse segment, the segment of low-carbon projects and the segment of smart terminals could reach 1.5 trillion rubles or $224 billion.
Nevertheless, the Shanghai authorities intend to monitor all speculations related to the metaverse.
It is not reported on what conditions the fund will invest.
