A leading virtual-reality innovation startup is to establish a metaverse center on Shanghai's Fuxing Island as part of Yangpu District's major technological initiatives for 2024.
Altstory, a Beijing-based enterprise specializing in the creation of interactive dramas, movies and variety shows, will set up the virtual-reality integrated metaverse sports experience center on the island, the Yangpu government said.
The 1.2-square-kilometer island, noted for its history and scenery, is designated as "strategic reserved land" in the city's master plan, restricting major development.
Fuxing Island Park, opened in 1951, is a key tourist spot, featuring the historic White Cottage, where former Kuomintang leader Chiang Kai-shek stayed in 1949 before retreating to Taiwan Island.
Yangpu's major project signing and construction ceremony was held on Wednesday, with a total investment exceeding 40 billion yuan (US$5.6 billion). The ceremony featured the signing of 50 enterprise projects, including Altstory's.
The projects span seven key industries – the online new economy, creative design, smart manufacturing, artificial intelligence, life and health, green low-carbon and technology services.