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.


South China Morning Post
Related news