Shanghai Emerges as Metaverse Development Leader

Shanghai has been recognized as a top global metaverse city, with smart applications in the areas of tourism, urban development and medical services.
 
This aspect was highlighted at the first World Metaverse Developer Conference (WMDC2023) in downtown Huangpu District on Wednesday, where the "2023 Metaverse City White Paper" was released.
 
The white paper predicts that by 2025, the metaverse city industry will surpass the milestone of 100 billion yuan (US$14 billion).
 
Shanghai, along with other leading cities like Seoul, Dubai, London, Singapore, New York, Tokyo, Riyadh, Paris and Santa Monica, is at the forefront of this growth.
 
In 2022, China's metaverse city industry was valued at 26.8 billion yuan, with an expected increase to 104 billion yuan by 2025, marking a 50 percent annual growth rate. By 2028, the industry is projected to exceed 300 billion yuan.
 
Shanghai has launched several initiatives to boost its metaverse sector, including plans for nurturing metaverse enterprises and overcoming technological challenges.


Source: Shanghai Daily