Shanghai look set to establish a metaverse

A Shanghai city department issued a five-year development plan which includes the metaverse as a priority to explore and incorporate in everyday life.

Building upon the central government’s long-term plan announced this past March, the newly-released five-year plan contains the first mention of the metaverse and potential plans Shanghai had for its implementation.

The virtual industry had gained major traction this year with the industry demonstrating major growth following Facebook’s rebrand to ‘Meta’ as an ode to focus its efforts on building the metaverse.

According to a CNBC translation of the Chinese document, the text states the specific areas where metaverse use will be encouraged.

“The application of the metaverse in areas such as public services, business offices, social entertainment, industrial manufacturing, production safety, and electronic games,” the statement read.

Facebook’s rebrand as well as Microsoft co-founder Bill Gates stating he thinks most virtual meetings in the next two to three years will move to the virtual world.

Asia’s embrace of the metaverse

Shanghai’s proposed plans for the metaverse and establishing its use in key everyday life situations could be inspired by South Korea’s own metaverse commitment.

The nation recently announced that Seoul would become the first major city to enter the virtual realm, with 2023 the aim to achieve that goal.

The South Korean capital has invested 3.9bn won (about $3.2bn) in the project as they look to become the leading Asian nation in the virtual sphere.

Japan has also made waves with the establishment of the Japan Metaverse Association (JMA) by four companies in the cryptocurrency and blockchain industry, including the likes of FXcoin, Ginco, Coinbest, and Intelligence Unit.