Chinese Investment Group launches $22M Metaverse Fund

China’s Henan province has joined a list of states betting big on the metaverse. The state-backed Henan Cultural Tourism Investment Group announced the launch of a 150 million yuan (US$21.7 million) private fund to invest in metaverse projects.

According to a strategic plan published by the Henan government last October, the plan is to expand the province’s metaverse industry to 30 billion yuan (~$440 million) by 2025. 

The latest announcement also comes at the back of a similar plan revealed by Shanghai last year. In July 2022, Shanghai unveiled a multi-pronged metaverse strategy that will create $300 billion in wealth for the city.

A month later, the Chinese capital Beijing unveiled a two-year plan for the metaverse, singling out the tourism and education sectors as potential major beneficiaries.

Most metaverses are built on web3, the next iteration of the internet that prioritises user privacy and decentralised applications. 


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