Over the years China has been grabbing technology and wants to be par with superpowers like the US. This time around, as companies get into the virtual world, China doesn’t want to be left behind. Shanghai has shown a keen interest in the metaverse.
The Shanghai Municipal Commission of Economy and Information Technology has zeroed on the metaverse as one of the four frontiers for exploration. The virtual world is in its five-year plan. It will help in the development of the electronic information industry.
According to a document, China’s biggest city wants to encourage the application of the metaverse in business offices, social entertainment, public services, industrial manufacturing, and electronic games, etc. The Shanghai Municipal Commission intends to boost the research and development of underlying technologies. This includes sensors, blockchain, and real-time interaction.
Citi Securities described metaverse as the ultimate form for digital survival. It is an intersection of the physical and digital worlds, gives a three-dimensional immersive experience, has mass user-created content, and digitalization of human and social relations. Digital assets are also a major part of the metaverse.
It should be noted that Tencent in 2020 gave rise to its idea of the “True Internet”. Experts believe it means a new wave of internet upgrades. It is the expansion of digital technology and real-world integration. Alibaba also launched its Double 11 Metaverse Art Exhibition on the Taobao mobile app. Shoppers through this initiative received complimentary NFT for every purchase. It also featured a Double 11 metaverse symphony whereby musicians played virtual NFT instruments.
There are also speculations about the Chinese authorities regulating the metaverse. Experts say Beijing is undecided. However, companies like Tencent and Alibaba are optimistic that they will not be left out of the metaverse. Banning the metaverse would impede China from becoming a global leader in artificial intelligence by 2030.
