NFTs, metaverse, blockchain, Web3 in Shanghai five-year plan

The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday.

See related article: ‘Metaverse’ enters government radar at China’s Two Sessions

Fast facts

  • Shanghai will boost the development of immersive technologies such as brain-computer interface and extended reality (XR), which can enhance metaverse entertainment such as virtual concerts, idols and sports.
  • Shanghai intends to support enterprises to explore NFT marketplaces, as well as those that research and pilot asset digitization, trading of digital intellectual property (IP) and digital ownership.
  • Shanghai will encourage cross-industry applications of blockchain technology such as data trading and gaming.
  • Shanghai also said it will accelerate the launch of new generation technologies, such as cross-platform digital identity, distributed data storage and decentralized Domain Name System (DNS).
  • Shanghai aims to grow its metaverse-related industries to US $ 52 billion by 2025, following June’s 10 billion yuan (US $ 1.5 billion) fund pledge.
  • Local governments across the country have proposed a total of 45 policy documents to support metaverse-related industries, according to local media 01 Caijing.

See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms

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