U.S. markets closed
  • S&P 500

    4,136.48
    -43.28 (-1.04%)
     
  • Dow 30

    33,926.01
    -127.93 (-0.38%)
     
  • Nasdaq

    12,006.96
    -193.86 (-1.59%)
     
  • Russell 2000

    1,985.53
    -15.69 (-0.78%)
     
  • Crude Oil

    73.23
    -2.65 (-3.49%)
     
  • Gold

    1,865.90
    -50.40 (-2.63%)
     
  • Silver

    22.40
    -1.22 (-5.17%)
     
  • EUR/USD

    1.0798
    -0.0113 (-1.04%)
     
  • 10-Yr Bond

    3.5320
    +0.1360 (+4.00%)
     
  • GBP/USD

    1.2056
    -0.0173 (-1.41%)
     
  • USD/JPY

    131.1500
    +2.5460 (+1.98%)
     
  • BTC-USD

    23,371.96
    -159.30 (-0.68%)
     
  • CMC Crypto 200

    535.42
    -1.43 (-0.27%)
     
  • FTSE 100

    7,901.80
    +81.64 (+1.04%)
     
  • Nikkei 225

    27,509.46
    +107.41 (+0.39%)
     

NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan

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.

See related article: ‘Metaverse’ enters government radar at China’s Two Sessions

Fast facts

  • 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