The concept of the metaverse has been a hot topic at Shanghai’s Two Sessions this week, with discussions focused on the need for more regulatory efforts to oversee the development of metaverses. According to Zhai Jun, a delegate of the Revolutionary Committee of the Chinese Kuomintang, some companies are using the metaverse concept as a gimmick, which is damaging trust in metaverse-inspired projects. He pointed out that businesses are simply adding the word “metaverse” to their existing products and services, without actually contributing to the development of real metaverse experiences.
The market value of 135 Chinese metaverse-related stocks is currently at an impressive 1.3 trillion yuan (US$192 billion), indicating the growing interest in this emerging field. In fact, the Shanghai government has already taken steps to promote the development of the metaverse industry, with a 10 billion yuan metaverse industrial fund launched in July 2022. The goal is to increase the sector’s revenue to 350 billion yuan by 2025, highlighting the potential growth and economic impact of the metaverse industry in China.
Interestingly, this isn’t the first time the metaverse has been discussed at China’s Two Sessions. In March 2022, delegates called for the implementation of laws to govern data security and curb speculation in the metaverse industry. Various provincial governments, including Zhejiang, Henan, Beijing, and Chengdu, have also published plans to support metaverse development, signaling a concerted effort to promote the growth of this innovative sector.
Overall, the metaverse industry in China is experiencing rapid growth and attracting significant investment. However, there are concerns about companies using the metaverse concept as a marketing gimmick, rather than contributing to the development of meaningful metaverse experiences. With the government and various provinces actively supporting metaverse development, the future looks bright for the industry in China.
In conclusion, the metaverse is gaining attention at Shanghai’s Two Sessions, with discussions focusing on the need for more regulatory oversight and development efforts. The market value of Chinese metaverse-related stocks is on the rise, signaling a growing interest in this emerging field. With the Shanghai government launching an industrial fund to support metaverse development and other provinces also showing support, the future of the metaverse industry in China looks promising. It is important for companies to focus on creating meaningful metaverse experiences, rather than simply using the concept as a marketing gimmick, in order to build trust and drive sustainable growth in the industry. With the right regulatory framework and support from the government, the metaverse has the potential to revolutionize various sectors and drive economic growth in China.
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