Shandong’s Metaverse Growth Blueprint

Shandong province in China has published draft guidelines to promote the growth of its metaverse industry as the world’s second-largest economy pursues its blockchain initiative.

In a document published on Monday, the government of an eastern Chinese province stated its intention to grow metaverse-related initiatives in the region to a market size of 150 billion yuan ($20.5 billion) by 2025.

Until 2025, the Shandong provincial government intends to construct multiple industrial complexes related to the metaverse and foster at least 100 metaverse companies.

Specifically, the local government stated that it would facilitate the filing of at least 3,000 international and domestic patent applications by companies by 2025.

The local government defined the metaverse as “a novel virtual and physical integrated digital space that combines diverse information technologies such as virtual reality, digital twinning, blockchain, the internet of things, 5G and 6G, and artificial intelligence.”

The provincial administration of Shandong is seeking public input on the guidelines until September 8.

China outlawed all cryptocurrency transactions in September 2021.

Still, it remains bullish on homegrown blockchain technology and digital economies, with Chinese tech titans such as Alibaba and Tencent concentrating on developing their consortium blockchains.

Beijing published a white paper in May intended to promote innovation and the growth of the Web 3.0 industry.

The government seeks to establish Beijing as a global digital economy innovation center.

The province of Sichuan published a proposed action plan to expand its metaverse industry to a market size of $34.4 billion by 2025 last month.