The authorities of Zhengzhou (Henan Province, China) have unveiled a project for the establishment of a hub dedicated to startups devoted to the metaverse.
As a part of its initiative, 10 billion yuan ($1.42 billion) has been set aside for industry development. Companies willing to move their headquarters to the city can receive investments of up to 200 million yuan ($28.34 million) and additional benefits, such as rental subsidies.
For the program to be even more successful, the authorities will partner up with other state enterprises and investors to ensure an additional funding of 50 billion yuan ($7.08 billion).
Rewards in the form of cash will be given after listing the business on several major Chinese stock exchanges.
For each viable use case, up to 5 million yuan ($710,000) is allocated. These involve technologies such as blockchain, computer rendering, brain-computer interfaces and AI.
Furthermore, a digital asset market is to be established with the use of NFTs.
