Zhejiang Launches Metaverse Association

China’s Zhejiang province, the home province of e-commerce giant Alibaba Group, on Saturday established a metaverse industrial association. The decision follows Beijing city’s establishment of a similar group earlier this month and comes amid greater competition in the space among regional governments in China.
 
Fast Facts

• The establishment of the association by Zhejiang’s authorities follows plans released by the province in December to build a 200 billion yuan (US$28 billion) metaverse industry by the end of 2025.
• Founding members of the association also include the subsidiaries of China’s state-owned telecommunication giant China Mobile and Chinese internet technology corporation NetEase, which launched their own metaverse initiatives in recent years.
• Some 91 Zhejiang-based metaverse companies have joined the association as members, and the group plans to expand that number to 200 in two years.

Source: Forkast