The Beijing Municipal Government has revealed a two-year metaverse blueprint. According to the report, the plan will spread from 2022 to 2024, compelling districts to comply with the innovative program. The Beijing Municipal Government rated Metaverse highly as contained in the blueprint. In the plan, the government describes Metaverse as an agent of growth and development through its excellent information technology innovation.
The Beijing administration believes Metaverse has all it takes to push the advancement of the internet towards Web 3.0. The innovative blueprint solely focuses on advancing the enhancement of a Metaverse-oriented enterprise. The government believes that such an approach will help Beijing grow as a prominent city for the virtual economy.
With the blueprint, it has become mandatory for Beijing districts to create technological infrastructure. After that, they must push for its utilization across sectors that include education, tourism, and others. Also, the initiative consists of adopting technical mechanisms such as 3D visualization and Geographical Information System (GIS). The adoption will help build a digital space outlet and effectively enhance the layout of a virtual native intelligent system.
The announcement also ordered districts and municipalities to provide financial and human resource assistance to push the initiative. The government divulged that new inventories should aid the tracking of Non-Fungible Tokens (NFTs). More so, a regulatory expository program on Sandbox should strengthen the initiative further.
Meanwhile, China is gradually growing for its soft approach and embracement to the Virtual Reality (VR) and NFTs sectors. Since the inception of 2021, the Chinese government has shown a strong interest in Metaverse. While NFTs and Virtual Reality are enjoying good attention from the government, crypto has been left out of the party. The government has been very strict toward the cryptocurrency sphere in its region.
However, the advancement of NFT is current in a reverse state due to the decline in sales. The decline caused by the harsh monetary regulation of the Chinese government has compelled firms to shut their NFT outlets in China. Last month, Tencent forcefully pulled down one of its NFT outlets due to the situation. In that trend, Alibaba pulled down the publications and commercials of its NFT marketplace a few hours after its inauguration.
Despite this landslide setback for NFTs in the country, Metaverse has enjoyed good attention. Aside from Beijing, Shanghai also added Metaverse to its five years advancement plan. Summing up the adoption figure of Metaverse in two significant cities in the country. The emerging interest in Metaverse by the Chinese government would possibly lead to broader adoption.
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