Authorities in Zhengzhou (Henan Province, China) have released a project to launch a startup hub focused on the Metaverse. As part of the plan, a special fund of 10 billion yuan ($1.42 billion) will be set up for the development of the industry.
Companies that decide to move their headquarters to Zhengzhou are expected to receive investments of up to 200 million yuan ($28.34 million), according to the document. Startups will also be eligible for other benefits, including rent subsidies.
Authorities intend to provide an additional 50 billion yuan ($7.08 billion) in funding, in cooperation with other government agencies and investment firms.
The city intends to offer cash incentives to companies after their shares are listed on China’s main stock exchange.
Companies will be able to secure up to 5 million yuan ($710,000) in funding for each project if the city government deems any use case viable.
- computer rendering;
- brain-computer interface;
- artificial intelligence.
The project also aims to create a market for Crypto assets using NFTs.
The policy applies to local businesses operating in two areas:
- Research activities focus on technologies relevant to the Metaverse – virtual reality, augmented reality and brain-computer interfaces;
- The application of virtual world technology in real-world industries such as education, entertainment and business.
Officials expect the virtual universe-related industry to generate more than 200 billion yuan ($28.34 billion) in annual revenue by the end of 2025.
Recall that a few days ago, Nanjing, China launched an “innovative technology and blockchain application platform” aimed at promoting and developing the Metaverse.
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Information source: compiled from FORKLOG by 0x Information.Copyright belongs to the author Петр Иванов, without permission, may not be reproduced