THE WHAT? Shanghai has unveiled plans to accelerate economic recovery in the wake of COVID-19 through investment in metaverse development and low-carbon projects, according to a report published by Yahoo! Finance.
THE DETAILS The city’s administration is aiming to set up an industry fund comprising CNY10 billion in assets to help grow companies in metaverse development, and launch in the region of 100 ‘benchmarking products and services; by 2025, per Yahoo! Finance.
THE WHY? Wu Jincheng, Head of Shanghai’s Economy and Information Technology Committee, said at a press conference, per Yahoo! Finance, “The metaverse and smart terminals are expected to constantly spur new business schemes and models, [giving] rise to ‘killer’ applications and popular products, releasing huge market value.”