Metaverse and NFT Will Become Huge in China

Metaverse and NFT will become huge in China

According to the local government’s working plan, Xiamen has unveiled its three-year action plan to develop its cluster of metaverse firms involved in NFTs, VR/AR, chips and related hardware with over 100 million yuan (US$15 million) in revenue.

The capital city of China’s southeastern province of Fujian joins Beijing, Shanghai, and Nanjing in announcing efforts to bolster local metaverse industries. 

The private sector in China is also ramping up metaverse developments with tech giants partaking in a trademarks race to secure businesses related to the metaverse. 

In March 2022, Weibo, a China-based major social media platform with 249 million daily active users, also launched TopHolder, an NFT marketplace that allows users to mint and sell their NFTs. Before minting and selling NFTs on TopHolder, users must first complete an internal KYC verification process.

If their NFTs are proven to be copied from other users, participants will face penalties, although a representative from the marketplace told Forkast that there is currently no public decision on how violators would be handled with. The marketplace is also banning users from flipping assets and only permits free transfers after completing a 180-day holding period.

Chinese tech giants pledged to eliminate speculation on their NFT markets, with Alibaba’s blockchain subsidiary AntChain imposing a 180-day transfer lock on its platform while Tencent has a blanket ban on secondary transfers.

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