China’s $22 million mutual fund targets projects in the metaverse

The Henan Cultural Tourism Investment Group has announced the introduction of a private equity investment fund to support project construction in the metaverse.

The state-owned investment group made the announcement at an event in Jianxi District attended by several industry participants. According to the press release, the aim of the Metaverse fund is to promote Chinese culture and tourism using innovative technologies such as virtual reality and Metaverse.

The investment group added that injecting funds into the local metaverse industry has the potential to boost the sector’s revenue and GDP by up to 30 billion yuan ($4 billion) by 2025. Projects related to Chinese culture and arts are planned, especially from the cities of Jianxi and Luoyang.

“The two parties will make full use of their respective advantages, integrate high-quality upstream and downstream resources of the culture and tourism industry chain through the fund, and work together to promote application integration and development of virtual reality and metaverse industries.” Declaration of the city authorities.

Henan’s step is similar Shanghai’s five-year digital economy development planThis includes supporting several companies building with non-fungible tokens (NFTs) and virtual worlds. Beijing also took the opportunity to announce a Two-year Metaverse development plan The promotion of culture and tourism is still the focus.

Despite the Chinese authorities’ ban on digital currencies in 2021, enthusiasm for other facets of it remains Blockchain has continued to rise. The market for digital collectibles has garnered a surge of interest as authorities seek to quash their use for speculative purposes.

As a sign of national interest in the metaverse, Nanjing University of Information Science renamed it technical department After the metaverse, all Chinese big tech companies flocked to the ecosystem.

technology companies are collapse under the weight of the metaverse

After the Chinese tech giant announced a massive exploration of the metaverse Tencent has reversed its decision to embark on a new course for the future. A press release from the company confirmed that it had dissolved its entire Metaverse unit as part of a “staff reshuffle,” and 300 employees were affected by the move.

Since meta (NASDAQ:META) is over 14 billion dollars in losses while Microsoft (NASDAQ: MSFT) was forced to reconsider its strategy for virtual worlds. As the progress of companies in the metaverse continues to falter, governments around the world are increasing funding for the sector to improve the health of their digital economies.

Watch BSV Stories – Episode 7: Unraveling the Metaverse at CES Tech Las Vegas 2022

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