Zhengzhou city proposes a metaverse plan

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Zhengzhou city proposes a metaverse plan

The municipal government of Zhengzhou – capital of China’s Henan province – on Wednesday presented a series of policy proposals for support metaverse Companies operating under its jurisdiction with plans to set up a 10 billion yuan (US$1.42 billion) fund dedicated to this industry.

See related article: How Web3 is taking shape in China – with “Chinese characteristics”

brief info

  • The policies include a range of cash benefits to encourage Metaverse-affiliated businesses to locate in the city.
  • According to a government reportMetaverse companies relocating their headquarters to Zhengzhou are eligible for a seed capital investment of up to 200 million yuan (US$28.34 million). Such companies are also entitled to other benefits such as rent subsidies.
  • All companies developing metaverse use cases in the city — headquartered there or elsewhere — are also eligible for up to 5 million yuan ($710,000) for each project deemed viable by the city government.
  • The guidelines apply to locally operating companies, which focus on two specific areas. First: Exploring metaverse-related technologies such as virtual reality, augmented reality, and brain-computer interfaces. Second, bringing metaverse technologies to real-world industries like education, entertainment, and commerce.
  • To fund its Metaverse initiatives, the Zhengzhou municipal government plans to set up a 10 billion yuan Metaverse Industrial Fund. It will work with other government agencies and investment firms to provide an additional 50 billion yuan ($7.08 billion) in funding to support Metaverse-related development projects. The city will also give cash rewards to Metaverse companies if they are listed on China’s major stock exchanges.
  • The exact start date for the allocation of funds has yet to be announced.
  • Besides the announced funding policy, the city government also outlined its future vision for the Metaverse development in Zhengzhou. The city’s Metaverse-related industries are forecast to total annual sales of over 200 billion yuan (US$28.34 billion) by the end of 2025.
  • The plan lists blockchain as one of the key technologies in its forecasts for the Metaverse industry, along with next-generation computer rendering, human-computer interfaces, artificial intelligence, and more.
  • In order to support the city’s metaverse industry, Zhengzhou will promote the development of Consortium and private blockchains. It will also build a market for digital assets non-fungible token (NFT) technology.
  • However, open-source public blockchains were not mentioned in the plan, suggesting a potential roadblock for Chinese authorities. Approach to blockchain technologies.
  • Zhengzhou has joined a large number of Chinese cities and provinces vowed to become a leader in the country’s metaverse development. southeast metropolis Shanghai expects its Metaverse industry to reach 350 billion yuan in annual revenue by the end of 2023. The company also announced the launch of a 10 billion yuan Metaverse industrial fund, which is scheduled to be launched in July 2023.

See related article: China’s state-owned investment group Henan sets up $22 million in Metaverse funds

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