May 27, 2023

Zhengzhou Launches $1.42 Billion Fund to Boost Metaverse Development

On May 24, the Chinese city of Zhengzhou revealed a series of policy proposals to support metaverse companies within the region. The municipal government announced a dedicated fund of 10 billion yuan ($1.42 billion) to foster growth and development in the industry.

Metaverse companies that choose to relocate their headquarters to Zhengzhou will be eligible to receive a startup capital investment of up to 200 million yuan ($28.34 million). These companies will also be granted rent subsidies. Companies engaged in the development of metaverse use cases in the city will be able to receive up to 5 million yuan ($710,000) for each project certified as viable by the municipal government.

The city of Zhengzhou has outlined a long-term vision for the metaverse development. It is anticipated that metaverse-related industries will generate an annual revenue surpassing 200 billion yuan ($28.34 billion) by the end of 2025. The policies apply to local enterprises operating in two distinct areas: 1) research endeavors focused on metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces; and 2) the utilization of metaverse technologies in real-world industries, such as education, entertainment, and commerce.

In addition to the funding policies, the government of Zhengzhou will collaborate with other governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding to support various metaverse-related development projects. Furthermore, the city intends to offer cash rewards to metaverse companies upon their listing on China’s primary stock exchanges.

The plan includes blockchain — a crucial technology in the metaverse industry — alongside next-gen computer rendering, human-computer interfaces, and artificial intelligence. Additionally, it aims to create a digital asset market using nonfungible token (NFT) technology. This will enable the city to become a leader in the country’s metaverse development.

The use of NFTs is becoming increasingly popular in the web3 space, with many companies turning to NFTs as a way to promote their products and services. NFTs are digital assets that are stored on the blockchain, and they can be used for a variety of purposes, such as selling digital art, creating digital collectibles, and providing access to digital services.

NFTs are also being used for marketing and promotion, with companies using them to create unique experiences for their customers. For example, some companies are using NFTs to offer exclusive discounts and rewards to their customers. Others are using them to create unique experiences, such as virtual concerts or virtual art galleries.

NFTs are also being used to create unique campaigns on social media platforms, such as Twitter. Companies are using NFTs to create interactive campaigns that engage their followers and drive engagement. These campaigns often involve giveaways, contests, and other incentives, all of which are powered by NFTs.

As the use of NFTs continues to grow, many companies are turning to NFT marketing agencies to help them create effective campaigns. These agencies specialize in creating campaigns that are tailored to the specific needs of each company, and they often employ a variety of tactics, such as influencer marketing, content marketing, and social media marketing.

The city of Zhengzhou is taking a proactive approach to foster the growth of the metaverse industry. By offering funding and other incentives, the city is hoping to attract more companies to the region and help them succeed in the web3 space. With its long-term vision and commitment to supporting the metaverse industry, Zhengzhou is sure to become a leader in the industry in the years to come.

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