It´s surprising that China, one of the most strict countries when it comes to crypto #restrictions is now opening up, at least a tiny little bit. 🙀
The South China Morning Post reported today that there are intentions of the government in Shanghai to boost support for innovations in the metaverse over the next five years. 😱
A reported 10 billion Yuan ($1.5 billion) had been allocated to see the plan through. Shanghai’s governing body hopes the investment will stimulate economic recovery and growth.
Government-directed funding will create ten “leading” companies serving as “chain-owner" enterprises. These large companies will compete in the international market. Around 100 smaller firms will master core #metaverse technology.
VERY METAVERSY: 🦄 While the plan touched on advancing NFTs and other cryptocurrency endeavors such as blockchain and Web3, the metaverse seems to be its primary focus. Shanghai’s governing body will accelerate research and deployment of the metaverse platform, emphasizing virtual concerts, idols, sports, and other digital entertainment options.
Although the proposal indicates the #government’s #support in developing enterprises that are building NFT trading platforms and “research and promote the digitization of NFT and other assets,” government sentiment over cryptocurrency has been mixed as of late.
And still, data collected by Statista shows that interest in NFTs, along with the metaverse, is greater in China, Hong Kong and Singapore than anywhere else.
The plan is committed to building blockchain technology supported by a development ecosystem with solid innovation and independent control. Planned exploration into Web3 is also in the works. The five-year plan includes research in multi-platform OpenID, distrusted data storage, and a decentralized domain name resolution system (DNS), among others.
Sources: TechCrunch SCMP, NFT News Today #CryptoRobby
Link to Article: https://lnkd.in/dNwmBqJb