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HomeTechBlockchainShanghai Included Blockchain, NFTs, and Web3 In Its 5-year Plan

Shanghai Included Blockchain, NFTs, and Web3 In Its 5-year Plan

Key Highlights

  • One of the largest cities in China, Shanghai plans to include Blockchain, Metaverse, NFTs, and Web3 in the next five-year plan.
  • In the 14th five-year plan that was released on July 13, Shanghai has set a mission to promote the deep integration of digital technology and other aspects.

Shanghai, the largest city in China, officially plans to include the development of technologies such as Blockchain, Non-Fungible Tokens (NFTs), Metaverse, and Web3 in its next five-year plan.

The 14th five-year plan for developing Shanghai’s digital economy was released on July 13 by Shanghai’s Municipal Government. The document sets its mission to promote the deep integration of digital technology and the real economy, with scientists judging technology prospects and entrepreneurs discovering market demand.

The strategy paper also calls for a close connection between real economy and digital technology. Finally, it figures Chinese Premier Xi Jinping’s ideas on socialism with Chinese characteristics as the driving concept.

List of Crypto-related Things That Shanghai Includes:

  • Shanghai will increase the development of immersive technologies such as extended reality (XR) and brain-computer interface, which can improve metaverse entertainment like virtual idols, sports, and concerts.
  • It plans to assist businesses that investigate NFT markets and those that investigate and test digital asset ownership, digital intellectual property (IP) trade, and digital asset digitization.
  • Blockchain technology cross-industry applications such as gambling and data trading will be encouraged in Shanghai.
  • Shanghai also said it would hasten the introduction of next-generation technologies such as the decentralized Domain Name System (DNS), distributed data storage, and cross-platform digital identification.
  • Shanghai announced a 10 billion yuan (US$1.5 billion) cash promise in June, with the goal of growing its metaverse-related sectors to US$52 billion by 2025.
  • Local governments all around the nation have suggested a total of 45 policy papers to aid businesses connected to the metaverse, according to local media outlet 01 Caijing.

The five-year plan also addresses low-carbon energy, smart cities, digital health, intelligent service robots, and other topics.

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