The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday.
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Shanghai will boost development of immersive technologies such as brain-computer interface and extended reality (XR), which can enhance metaverse entertainment such as virtual concerts, idols and sports.
Shanghai intends to support enterprises to explore NFT marketplaces, as well as those that research and pilot asset digitization, trading of digital intellectual property (IP) and digital ownership.
Shanghai will encourage cross-industry applications of blockchain technology such as data trading and gaming.
Shanghai also said it will accelerate the launch of new 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 US$52 billion by 2025, following June’s 10 billion yuan (US$1.5 billion) fund pledge.
Local governments across the country have proposed a total of 45 policy documents to support metaverse-related industries, according to local media 01 Caijing.
See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms