This week, the municipal government of Zhengzhou, located in the prosperous province of Henan in China, made news when it issued a series of legislative ideas intending to support metaverse firms inside its jurisdiction.
The declaration by the government of a significant dedicated fund of 10 billion yuan (about $1.42 billion US) demonstrates its intention to assist this expanding sector.
According to research commissioned by the Chinese government, businesses that relocate their headquarters to Zhengzhou can receive investments of up to 200 million yuan (about $28.34 million). Rent reductions are only one of the various forms of financial assistance made available to these companies.
In addition, companies that create metaverse apps in the city are eligible for subsidies of up to 5 million yuan (about $710,000), provided their projects are judged feasible by the administration of the city in which the city is situated. This is true regardless of the location of the company’s headquarters.
The two primary focuses of these rules are the creation of virtual and augmented reality systems, as well as brain-computer interfaces, and the integrating of these systems into real-world domains like education, entertainment, and business.
To ensure the financial stability of its metaverse endeavors, the municipal government of Zhengzhou, China, is preparing to establish a metaverse industrial fund endowed with 10 billion yuan. Investment companies and other government bodies will collaborate to generate 50 billion yuan (7.08 billion USD) to fund development activities relating to the metaverse.
In addition, the city will provide financial incentives to companies active in the metaverse and listing their shares on the major stock exchanges in China. It has yet to be made public when these resources will be parcelled to those in need.
The government of Zhengzhou, located in China, has recently made public its intentions for the further expansion of the city’s metaverse and the policies that will be implemented to fund this expansion. It is forecasted that by 2025, the industries in Zhengzhou associated with the metaverse will bring in annual sales of more than 200 billion yuan (US$28.34 billion).
Blockchain is a significant technology in the city’s metaverse sector strategy. This recognition comes with recent innovations like next-generation computer rendering, human-computer interfaces, artificial intelligence, and other new developments.
To assist the city’s growing metaverse sector, Zhengzhou actively promotes the development of consortium and private blockchains. In addition, it will establish a market for digital assets via non-fungible token technology (NFT for short).
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