The city of Zhengzhou in China recently revealed a set of policy proposals aimed at providing extensive support to metaverse companies operating within its jurisdiction. One of the key measures announced by the local government is the creation of a dedicated fund worth an impressive 10 billion yuan (nearly $1.42 billion) to stimulate the growth and advancement of the industry.
According to a draft proposed by the government, metaverse companies opting to move their headquarters to Zhengzhou will be eligible for a startup capital investment of up to 200 million yuan ($28.34 million). Additionally, these companies will enjoy various advantages, such as rent subsidies, as part of the relocation package.
Companies involved in developing metaverse use cases within the city, irrespective of their headquarters’ location, will have the chance to secure funding of up to 5 million yuan ($710,000) for each certified viable project. The municipal government will determine the eligibility of these projects and provide financial support accordingly.
These initiatives are especially targeted toward local enterprises engaged in two key domains:
Firstly, companies involved in research and development activities pertaining to metaverse technologies like virtual reality, augmented reality, and brain-computer interfaces will be eligible for support.
Secondly, enterprises utilizing metaverse technologies in various real-world sectors, including education, entertainment, and commerce, will also be covered by these policies.
The aim is to foster innovation and the application of metaverse technologies across diverse industries within the local ecosystem.
Furthermore, the government aims to foster partnerships with various governmental agencies and investment firms to obtain an extra 50 million yuan ($7.08 billion) in funds dedicated to backing a diverse range of metaverse development initiatives. In addition, the city has plans to provide monetary incentives to metaverse companies when they successfully debut on China’s main stock market.
Incorporated into the strategy are blockchain, a pivotal technology within the metaverse sector, as well as advanced computer rendering, human-computer interfaces, and artificial intelligence. Furthermore, the plan seeks to establish a digital asset market through the utilization of nonfungible token technology.
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