Metaverse, NFT, Blockchain and Web3 technologies in the crypto money ecosystem continue to grow and develop day by day. Shanghai, a directly administered city in the People’s Republic of China, has taken a step forward in metaverse, NFT, Blockchain and Web3 technologies.
Web3 Step from Shanghai Government
In a policy document released on Tuesday, the Shanghai government announced that it is incorporating metaverse, NFT, Blockchain and Web3 technologies into its five-year digital economy plan, according to Forkast.
Shanghai said it will accelerate the development of immersive technologies such as augmented reality (XR) that can enhance metaverse entertainment such as virtual concerts, idols and sports.
Shanghai aims to support businesses exploring and piloting asset digitization, digital intellectual property (IP) trading and digital property, as well as exploring NFT markets. Shanghai will add Blockchain technology to data trading and games.
Shanghai also said it will accelerate the rollout of next-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 $52 billion by 2025.
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