Shanghai doubles down on the metaverse by including it in a development plan

July 22, 2022

By Sharan Kaur Phillora

China’s biggest city is getting serious about the metaverse, the technology that’s drawn mass attention this year for its potential to form the next generation of the internet.

Shanghai’s Municipal Government published a draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy.” In the document, blockchain technology, NFTs, the metaverse, and Web3 are lumped in with other “key technologies” such as AI, cloud computing, and big data that have been getting massive support from the government.

Here’s what we know:

Shanghai’s blockchain adoption plans include creating an innovation system that integrates blockchain technology. It will also promote the development of a blockchain ecosystem with strong innovation capabilities and independent control, the document reads.

For NFTs, the five-year plan intends to research and promote the digital collectibles sector and support enterprises building NFT trading platforms. The government believes this will help advance intellectual property protection.

Plans for the metaverse will see Shanghai accelerate the research and deployment of virtual reality platforms. The city emphasizes this potential to facilitate new forms of digital entertainment consumption. Shanghai expects its metaverse industry to develop to US$52 billion preceding 2025. It will likewise set up an asset of US$1.4 billion to put resources into the metaverse.

Shanghai is also one of the host cities participating in China’s intensive blockchain technology adoption trials. Entities in sectors such as education, healthcare, trade finance, law enforcement, taxation, public services, manufacturing, energy, cross-border finance, and the equity market resident in Shanghai are trialing the adoption of blockchain software and hardware in collaboration with the Cyberspace Administration of China.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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