certify
Home arrow Article arrow Article Detail

Metaverse Becomes a Part of the Chinese Government's Development Plan

Profile Image

Joyashree Dey Follow

INDIA

Aug, 29 2022

Aug, 29 2022

likes | comments 0

Article Image

On August 23, the Chinese local government body announced the Beijing Urban Sub-Center Metaverse Innovation and Development Action Plan for 2022 -2024, suggesting potential government approval for a new and upcoming space. 


According to the published document, the Beijing municipal department of Tongzhou District released the Web3 innovation plan. It noted, “In order to systematically promote the development of Metaverse-related industries in the sub-center of the city, create an urban technological innovation highland with distinctive digital characteristics, and help Beijing build a benchmark city for the digital economy, this action plan is specially formulated.” 


Previously in July, the Shanghai city government had revealed its plan for developing a 350 billion yuan (around $51 billion) metaverse industry by the end of 2025. 


The Shanghai Municipal Commission has brought in a notice to encourage the execution of the metaverse in sectors including social entertainment, industrial manufacture, public services, production safety, company offices, , and electronic gaming. 


According to local reports, Wuhan “aims to push the integration of the real economy with tech industries related to the metaverse, big data, and cloud computing”. 


While Hefei, a city in East China’s Anhui Province, said they will embrace upcoming industries including the superconductivity and metaverse. 


China’s tech giants like Tencent & Alibaba, are also planning to move into the metaverse with Baidu stating it would take six years before their metaverse is built fully. 


Tencent’s NFT collector trading app ‘Magic Core’ has attracted widespread attention from collectors (even though NFTs currently sold can’t be traded second-hand and are not transferable as gifts),” Jing Daily says. 


Instead of more ‘digital collectibles’, Xinhua has published some 11 ‘NFTs’ which are not transferable and have no actual token that operates on a public blockchain, but just a jpeg. 


The metaverse in China will be a lot more controlled as their one-party state will not allow immutable publishing of images, words, or designs on the Inter-Planetary File System (IPFS) connected through a hash to the unchangeable and uncensorable blockchain. China has put jpegs on a centralized database and is calling it NFTs. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
WMG team up with OpenSea to expand Web3 opportunities 

WMG?team up?with OpenSea?to expand?Web3 opportunities for artists. This platform will enable artists to?build and extend their fanbase in the Web3 community. The nonfungible token (NFT) marketplace..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.