Shanghai’s Five-Year Plan Includes NFTs, Metaverse, Blockchain And Web3.

According to a policy paper released on Tuesday, the Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs), and Web3 technologies in its five-year digital economy plan. 

Shanghai will accelerate the development of immersive technologies like brain-computer interfaces and extended reality (XR), which can improve metaverse entertainment like virtual concerts, idols, and sports.

The city intends to support enterprises looking to explore NFT marketplaces, as well as those undertaking asset digitization research and testing, trading of digital intellectual property (IP), and digital ownership.

Shanghai will endorse cross-industry blockchain applications such as data trading and gaming.

Shanghai also stated that it will speed up the establishment of next-generation technologies such as cross-platform digital identity, distributed data storage, and a decentralized Domain Name System (DNS).

Following a 10 billion yuan (US$1.5 billion) fund pledge in June, Shanghai aims to grow its metaverse-related industries to US$52 billion by 2025.

According to local media 01 Caijing, local governments across the country have proposed a total of 45 policy documents to support metaverse-related industries.

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