On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support Metaverse companies operating in the region. As part of the move, the city government will set up a special fund worth 10 billion yuan ($1.42 billion) to boost the industry's growth and development.
Metaverse companies that choose to move their headquarters to Zhengzhou will have the opportunity to receive up to 200 million yuan ($28.34 million) in start-up capital investment, according to the government draft. The companies will also be eligible for other benefits, including ding rent subsidiaries. Any company working on metaverse use cases in the city regardless of where its headquarters are located will have the opportunity to receive up to 5 million yuan ($710,000) in funding for each project certified as viable by the city government.
As of now, no specific date for the distribution of funds has been disclosed. In addition to issuing funding policies, the Zhengzhou municipal government has outlined a long-term vision for the development of the city's virtual universe. Zhengzhou's virtual world-related industr ies are Expected to have an annual revenue of more than 200 billion yuan ($28.34 billion) by the end of 2025. These policies apply to local businesses operating in two distinct areas: 1) research efforts focused on Metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces; 2) real-world applications of Metaverse technologies in education, entertainment, and business. applications in the world.
In addition, the government will work with other government agencies and investment companies to secure an additional 50 billion yuan ($7.08 billion) in funding to support various Metaverse-related development projects. In addition, the city intends to offer cash incentives after Metaverse is listed on China's main stock exchange. The plan includes blockchain - a key technology for the Metaverse industry - as well as next-generation computer rendering, human-machine interfaces and artificial intelligence. Furthermore, it aims to create a market for digital assets using n on- fungible token technology.
Zhengzhou joins a host of Chinese cities and provinces vowing to be leaders in the development of China's Metaverse. The southeastern metropolis of Shanghai is aggressively pursuing its metaverse ambitions, with its metaverse industry expected to reach an annual revenue of 35 0 billion yuan ($49.6 billion) by 2025.
