Shanghai seeks support of metaverse & NFTs to recover from lockdown’s economic crisis


  • Shanghai is launching a three-year plan to boost the metaverse in the tourism industry.
  • The purpose behind the program is recovering from the damage suffered by the economy, as a result of the lockdown.
  • An event to encourage NFTs associated with art and culture is scheduled for November 2022.

Looks like Shanghai has put its whole faith in the metaverse to boost its economic growth. Earlier, it assigned $1.5B to boost China’s economic growth via metaverse and now it has another move ready to execute. 

Shanghai, China’s financial hub, will introduce a three-year plan to expand and promote the metaverse in the tourism sector. Pushing NFTs in the art & culture industry to recover its economy is another aspect of the plan. 

According to Fang Shizhong, the director of the Shanghai Municipal Administration of Culture and Tourism, to put the plan into action, the authorities are working with tech companies to find out the way metaverse can be applied to tourism. 

He further stated that an art-based event will be conducted at Shanghai International Artwork Trade Week scheduled for November. The purpose behind the event is encouraging NFTs associated with art and culture. 

Shanghai’s GDP has suffered a fall by 13.7%; whereas, the national GDP has grown to 0.4%, as stated by the National Bureau of Statistics.

Shanghai hopes that before 2025, its metaverse industry will grow to US$52 billion before 2025.