Zhengzhou to build hub for metaverse-focused startups

Authorities in Zhengzhou (Henan province, PRC) published a project to launch a hub for metaverses-focused startups. As part of the initiative, a dedicated fund of 10 billion yuan ($1.42 billion) will be created to develop the industry.

According to the document, companies that decide to relocate their headquarters to Zhengzhou can expect investments of up to 200 million yuan ($28.34 million). Startups will also be entitled to other incentives, including housing rent subsidies.

Authorities intend to cooperate with other government agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion).

The city plans to offer cash incentives to companies after listing their shares on China’s main stock exchanges.

If city authorities deem any of the proposed use scenarios viable, companies could receive up to 5 million yuan ($710,000) per project.

Among the listed directions:

• blockchain;
• computer rendering;
• brain–computer interfaces;
• artificial intelligence.

The project also aims to create a market for digital assets using NFTs.

The policy applies to local firms operating in two sectors:

• research activity focused on metaverse-related technologies — 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 revenue of metaverse-related industries will exceed 200 billion yuan ($28.34 billion).

Earlier this week, Nanjing launched a “platform for innovative blockchain technologies and applications,” aimed at promoting and developing metaverses.