SNEAK PEEK
- The Chinese government is looking forward to establishing a metaverse economy though it’s not clear about NFTs.
- Plans to foster 200 plus metaverse firms along with two metaverse industrial estates by 2025 are under consideration.
- Many regions in China established metaverse plans despite the hostility of the government toward crypto-based matters.
Wuhan has excluded its plans regarding NFTs during the expanding regulatory uncertainty about Web3 and crypto technologies in China.
Post the pandemic, Wuhan, for the very first time, shared its plans to support NFTs and metaverse with a vision of enhancing its suffering economy, as the city was the epicenter of coronavirus.
The draft industrial plan of the Wuhan government about the metaverse economy of the city had a line regarding non-fungible tokens. According to a South China Morning Post report, the particular part has been removed from the recent version. The report mentioned that the updated version continues to motivate businesses to concentrate on Web3 and decentralized technology though it doesn’t include NFTs.
In terms of the newly revised plan, by 2025, Wuhan has a goal to foster 200 plus metaverse firms and create a minimum of two metaverse industrial estates.
Considering the draft’s revision version, the government of China has stepped away with anything that includes exchanging digital properties or tokens. Over the years, this has been cleared since the development plans of the government have incorporated metaverse-based technologies. For instance, a number of cities in China that also include Beijing and Shanghai’s capital city, have shared metaverse related innovation plans; however, technology leaders or any private business indulged with non-fungible tokens have encountered government wrath.
In the beginning of the year, China intended to separate non-fungible tokens from cryptocurrencies to support the inexperienced industry bloom. As a result, Chinese communities developed interest and OpenSea had listings from Shanghai when lockdowns were imposed.
Increase in fame led to increase in fraudulent activities, which resulted in many warnings by the government against NFT trade to investors.
China was quite clear about its move on the usage of crypto in the country and in 2021, implemented a blanket ban after years of restrictions. However, in terms of evolving Web3 technologies, specifically the ones with digital collectibles or exchange of tokens, the government’s stance is extremely unclear as of now.
