Shenzhen metaverse research institute set to boost innovation
Published: Nov 10, 2022 10:17 PM
Metaverse Photo:VCG

Metaverse Photo:VCG

The launch of a new metaverse research institute was announced in Shenzhen, South China's Guangdong Province, during the 2022 Global Metaverse Conference, which runs from November 10 to 11. The institute will help to accelerate innovation and support local policymakers, the Shanghai Securities News reported on Thursday. 

The institute will support cooperation platforms for local enterprise and boost industry innovation and application of projects, said the report. 

The institute aims to closely follow industry trends and make efforts to develop technologies, pursue application scenarios and boost research and development (R&D) results, in order to support the country's digitalization construction and its metaverse industry. 

According to China's iiMedia Research Institute, cloud computing, blockchain and virtual & augmented reality (AR and VR) are the three supportive technologies of the metaverse industry. iiMedia estimated that the market scale of the three technologies in China will surpass 300 billion yuan ($41.38 billion), 1 trillion yuan and 80 billion yuan in 2023. 

Aside from Shenzhen, various major cities including Shanghai and Beijing have announced efforts to accelerate the development of the metaverse industry and have issued relevant documents. 

The Shanghai Municipal Commission of Economy and Informatization issued a development outline in December 2021 for the local electronic information industry for the 14th Five Year Plan period 2021-25, which aims to enhance the R&D of basic technologies for the metaverse and AR and VR equipment. 

The government of Beijing's Tongzhou district issued a document in August 2022 on the need to develop or import applied metaverse technology covering various fields such as culture, tourism, business and city services.

Global Times