Metaverse was discussed at Shanghai’s Two Sessions this week, the city’s most influential annual political meetings, where a delegate called for more regulatory efforts toward the supervision and development of metaverses.
See related article: Shanghai sees its metaverse industry growing to US$52 billion in four years
Fast facts
- Some companies use the metaverse concept as a gimmick, Zhai Jun, a Two Sessions delegate of the Revolutionary Committee of the Chinese Kuomintang, told state media Chinanews.com at the gathering.
- According to the delegate, businesses are damaging the trust in metaverse-inspired projects by adding the word “metaverse” to legacy products and services.
- The market value of 135 Chinese metaverse-related stocks was at 1.3 trillion yuan (US$192 billion) as of 03:30 p.m. Hong Kong time, according to eastmoney.com, a finance information provider based in the mainland.
- In July 2022, the Shanghai government promoted a 10 billion yuan metaverse industrial fund to raise the sector’s revenue to 350 billion yuan by 2025.
- Metaverse was discussed at China’s Two Sessions for the first time in March 2022, when delegates called for laws to govern data security and curb speculation.
- Governments of Zhejiang province, Henan province, Beijing and Chengdu have also published plans to support metaverse development.
See related article: ‘Metaverse’ enters government radar at China’s Two Sessions
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://forkast.news/headlines/shanghai-metaverse-needs-supervision/
- 1
- 1.3
- 10
- 2022
- a
- According
- and
- annual
- article
- based
- Billion
- businesses
- called
- Chinas
- chinese
- COM
- Companies
- concept
- damaging
- data
- data security
- delegates
- Development
- discussed
- efforts
- Enters
- finance
- First
- first time
- fund
- gathering
- Government
- Growing
- Hong
- Hong Kong
- HTML
- HTTPS
- in
- industrial
- industry
- Influential
- information
- July
- Kong
- Kuomintang
- Laws
- Legacy
- mainland
- March
- Market
- Media
- meetings
- Metaverse
- metaverse development
- metaverse industry
- Metaverse-related
- metaverses
- more
- most
- plans
- plato
- Plato Data Intelligence
- PlatoData
- political
- Products
- projects
- Promoted
- published
- radar
- raise
- regulatory
- related
- requires
- revenue
- revolutionary
- security
- sees
- Services
- sessions
- shanghai
- speculation
- State
- Stocks
- stronger
- supervision
- support
- The
- the metaverse
- this week
- time
- to
- toward
- Trillion
- Trust
- use
- value
- week
- Word
- Yuan
- zephyrnet