July 22, 2022<\/p>\n\n\n\n
By Sharan Kaur Phillora<\/p>\n\n\n\n
China\u2019s biggest city is getting serious about the metaverse, the technology that\u2019s drawn mass attention this year for its potential to form the next generation of the internet.<\/p>\n\n\n\n
Shanghai\u2019s Municipal Government published a draft of its \u201c14th Five-Year Plan for the Development of Shanghai\u2019s Digital Economy.\u201d In the document, blockchain technology, NFTs, the metaverse, and Web3 are lumped in with other \u201ckey technologies\u201d such as AI, cloud computing, and big data that have been getting massive support from the government.<\/p>\n\n\n\n
Here’s what we know:<\/strong><\/p>\n\n\n\n Shanghai\u2019s 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Shanghai is also one of the host cities participating in China\u2019s 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.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":" July 22, 2022 By Sharan Kaur Phillora China\u2019s biggest city is getting serious about the metaverse, the technology that\u2019s drawn mass attention this year for its potential to form the […]<\/p>\n","protected":false},"author":2,"featured_media":1443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1442"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=1442"}],"version-history":[{"count":2,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1442\/revisions"}],"predecessor-version":[{"id":1448,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/1442\/revisions\/1448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/1443"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=1442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=1442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=1442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}