Beijing Unveils Metaverse Innovation and Development Action Plan for the Next Three Years
- Beijing strives to build the city sub-center into a metaverse application demonstration area featuring cultural and tourism content through three years of efforts.
- The city plans to further expand 5G network coverage, and accelerate the introduction of Gigabit and 10 Gigabit networks into business enterprises.
- The Beijing metaverse action plan will be focused on the Changan chain, China’s first independent and controllable blockchain software, and hardware technology system.
The Beijing District Government has issued an action plan for developing metaverse technology in the city between 2022 and 2024. The metaverse innovation and development plan are in line with China’s president Xi Jinping’s thoughts on socialism.
According to the announcement, the metaverse action plan is meant to accelerate Beijing towards being a Web3 hub and benchmark for similar technologies. Additionally, the metaverse action plan is meant to create an urban technological innovation highland with distinctive digital characteristics, and help Beijing build a digital economy.
Reportedly, Beijing strives to build the city sub-center into a metaverse application demonstration area featuring cultural and tourism content through three years of efforts.
The city plans to further expand 5G network coverage, and accelerate the introduction of Gigabit and 10 Gigabit networks into business enterprises.
Notably, the Beijing metaverse action plan will be focused on the Changan chain, China’s first independent and controllable blockchain software, and hardware technology system.
China’s Cities Taps on Metaverse and Blockchain Technology
The Chinese government has shown tremendous commitment to blockchain technology in the past few years. Remember, the country has implemented its CBDC dubbed the digital Yuan. The country is fighting to hold global dominance in superior technology, especially in Web3.
Moreover, other global nations are gearing towards attracting investors in the Web3 market. For instance, Dubai recently launched a strategy to turn the country into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.
Notably, the Dubai metaverse strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030.
The metaverse industry is expected to grow exponentially in the coming years as both countries and institutions investors pay close attention. Worth noting, that the metaverse is a collection of virtual worlds where people may interact, play games, communicate, and shop.
The metaverse plays a crucial role in various sectors including the healthcare industry. According to Precedence Research, the metaverse in the healthcare market was valued at $6.85 billion in 2021 and is projected to surpass around $72.10 billion by 2030 growing at a CAGR of 29.89 percent in the next eight years.
With a rising demand for technology jobs in China, the country is keen to introduce blockchain and metaverse in all sectors. Furthermore, the global metaverse market size is expected to reach $ 1,607.12 Billion in 2030 and register a revenue CAGR of 43.3 percent during the forecast period, according to research by Emergenresearch.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
