Crypto Metaverse News

Shanghai Betting Big On Blockchain, NFTs, The Metaverse, And Web3

Shanghai’s Municipal Government recently published a draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy,” which illustrates the city’s goals of boosting the development of blockchain, NFTs, the metaverse, and Web3. The document outlines its plans of “promoting the deep integration of digital technology and the real economy,” with “scientists judging technology prospects” and “entrepreneurs discovering market demand.”

Said plan suggests supporting the enterprises that plan to construct the NFT trading platforms and “research and promote the digitization of NFT and other assets.” As for blockchain, the document voices a commitment to promote the development and application of “blockchain+ technology,” and build a blockchain development ecosystem with strong innovation capabilities and independent control.

The municipal government also plans to accelerate the research and deployment of the metaverse platform by carrying out the development of core technologies and encouraging the creation of new platforms. The plan also emphasizes just how important new forms of digital entertainment consumption are today, and the need to capitalize on it.

Web3 opportunities will be looked at as well, which would include researching a multi-platform OpenID, distributed data storage, a decentralized domain name resolution system, and end-to-end encrypted communication technology, aided by the update of new technology.

NFTs, or “digital finance” as it’s referred to, is the least talked about of all these ambitions, but the plan promises to look at how to promote smart contracts, improve asset trading, payment and settlement, registration, and custody.

Other, non-crypto-related directions of a five-year plan looked at the issues of smart cities, low-carbon energy, digital health, intelligent service robots, and more.

(All information was provided by Cointelegraph)

Check out the industry-leading META Business podcast where we discuss the intersection of business and the metaverse

0 comments on “Shanghai Betting Big On Blockchain, NFTs, The Metaverse, And Web3

Leave a Reply

%d bloggers like this: