The bustling Zhejiang Province in China, known as the home of the e-commerce giant Alibaba Group, has recently made significant strides in the cutting-edge realm of the metaverse. In response to Beijing City’s earlier establishment of a similar initiative, Zhejiang has now unveiled its own Provincial Metaverse Industrial Association, a non-profit organization overseen by the provincial government. The move is part of the province’s ambitious plans to develop a 200 billion yuan ($28 billion) metaverse industry by 2025.
Metaverse: A Futuristic Frontier in Zhejiang Province
The metaverse, a virtual reality-based universe where users can interact, create, and engage with digital environments, is capturing the imagination of individuals and governments alike. Recognizing the immense potential of this new frontier, Zhejiang province announced plans in December to establish a thriving metaverse industry by the end of 2025.
A Multifaceted Initiative to Drive Metaverse Growth
According to Forkast, the newly formed Provincial Metaverse Industrial Association of Zhejiang is poised to play a pivotal role in fostering collaborations between enterprises and governments. The association will offer metaverse-related consultancy and training, and work towards developing industry standards. Led by the Zhejiang Digital Economy Society, one of the founding members, this organization aims to create a conducive environment for metaverse growth in the province.
Major Players Unite in the Metaverse Pursuit
The association boasts an impressive roster of members, with 91 Zhejiang-based metaverse companies already on board. In the next two years, the group plans to expand its membership to 200 companies. Among the founding members are China Mobile, a state-owned telecommunication giant, and NetEase, a prominent Chinese internet technology corporation. These key players have already launched their metaverse initiatives, indicating the province’s growing prowess in this realm.
Sector-Specific Focus for Metaverse Adoption
To optimize the adoption of metaverse technologies across various domains, the association will establish dedicated committees for crucial sectors. Healthcare, e-commerce, education, tourism, and entertainment have been identified as the primary focus areas for metaverse integration. By targeting these sectors, Zhejiang aims to revolutionize their operations and provide innovative solutions.
Hangzhou City: A Metaverse Hub in the Making
Situated in Zhejiang province’s capital, Hangzhou City, emerges as a potential metaverse hub. Known for its academic institutions and high-tech industrial parks, the city already houses the headquarters of Alibaba Group, along with research and development centers of major Chinese tech firms such as Huawei, Vivo, and Oppo. With such a rich technological landscape, Hangzhou’s metaverse ecosystem is bound to thrive.
Incentives and Support for Metaverse Companies
Hangzhou has demonstrated its commitment to nurturing the metaverse industry within its borders by offering cash benefits to metaverse companies setting up shop in the city. This forward-thinking initiative is in line with China’s accelerating metaverse competition, providing a conducive environment for companies to innovate and thrive.
Final Thoughts
As Zhejiang province establishes its Provincial Metaverse Industrial Association, it positions itself as a formidable player in China‘s metaverse revolution. With a clear focus on sector-specific growth, a diverse and influential membership, and the support of its capital city Hangzhou, Zhejiang is well on its way to shaping the future of the metaverse industry.
As this technology rapidly evolves, the province’s efforts promise to impact various sectors and foster innovation in the digital landscape.