China's Shandong province has unveiled guidelines aimed at boosting the growth of its metaverse industry, as part of the country's broader blockchain-driven initiatives.
The Government of China's Shandong Province Intends To Encourage The Development Of Metaverse
China's Shandong province has unveiled guidelines aimed at boosting the growth of its metaverse industry, as part of the country's broader blockchain-driven initiatives.
The provincial government of Shandong aims to cultivate the development of metaverse-related projects, with the goal of achieving a market size of 150 billion yuan (approximately US$20.5 billion) by 2025.
The plan encompasses the building of multiple metaverse-related industrial parks and the nurturing of at least 100 metaverse companies by 2025. Additionally, the provincial government intends to support these firms in applying for at least 3,000 international and domestic patents.
In the draft guidelines, Shandong's local government defines the metaverse as a "novel virtual and physical integrated digital space" that incorporates various cutting-edge technologies such as virtual reality, digital twinning, blockchain, internet of things (IoT), 5G, 6G, and artificial intelligence (AI).
The public’s input is being solicited on these draft guidelines until September 8.
