Shanghai to Invest in the Metaverse and Increase Development in Real Time Interaction, Blockchain, and Sensors

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WAX news

Shanghai, I city know to be aggressive in keeping up with the world and especially the west has decided to be a big player in the Metaverse space.  With this we can say that the metaverse narrative continues to boil, and the latest mention comes from a point of high authority. China’s biggest city appears to be getting serious about it.

  • According to a CNBC report, Shanghai is eager to tap into the potential of what many believe to be the next-gen internet.
  • Local authorities have issued development plans for the next five years, and one of them mentions the metaverse, according to media reports from China.
  • According to a reported translation of an excerpt from the plan’s text, it calls for “encouraging the application of the metaverse in areas such as public services, business offices, social entertainment, industrial manufacturing, production safety, and electronic games.”
  • Moreover, the Chinese commission has also stated that it plans to increase the development and research of technologies that underpin the narrative, such as real-time interaction, blockchain, and sensors.
  • However, there are no specific timelines for any of the above, other than it being included in a 5-year development plan.
  • The metaverse became a very hot topic shortly after Facebook decided to rebrand its company name to Meta in a bid to be a leading force when it comes to building it.


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