The authorities of Zhengzhou (Henan Province, China) have published a project to launch a hub for startups focused on the metaverse. As part of the initiative, a special fund of 10 billion yuan ($1.42 billion) will be created for the development of the industry.
According to the document, companies that decide to relocate their headquarters to Zhengzhou will be able to expect investments of up to 200 million yuan ($28.34 million). Startups will also be eligible for other benefits, including rental subsidies.
The authorities intend to work with other government agencies and investment firms to provide additional funding of 50 billion yuan ($7.08 billion).
The city intends to offer cash rewards to companies after listing their shares on China’s major stock exchanges.
If any use case is deemed viable by the city, companies will be able to receive up to 5 million yuan ($710,000) for each project.
Among these areas:
- computer rendering;
- brain-computer interfaces;
- artificial intelligence.
The project also aims to create a digital asset market using NFTs.
The policy is applicable to local businesses operating in two areas:
- research activities focused on technologies related to the metaverse – VR, AR and brain-computer interfaces;
- the use of virtual world technologies in real industries such as education, entertainment and commerce.
Officials expect that by the end of 2025, the annual income of industries related to the metaverse will exceed 200 billion yuan ($28.34 billion).
Recall that the other day, Chinese Nanjing launched a “platform of innovative technologies and blockchain applications” aimed at promoting and developing the metaverses.
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