Shanghai authorities will start using NFTs and metaverses to improve the economy

Due to the protracted lockdown imposed in the wake of the coronavirus pandemic, the city’s GDP growth rate fell by 13,7% in the second quarter of 2022

20.07.2022 - 11:00

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2 min

What’s new? The government of the Chinese city of Shanghai has unveiled a three-year plan to introduce metaverse technology to promote the tourism industry. The authorities will also encourage the use of NFTs in the field of culture and art, Fang Shizhong, the director of the Shanghai Municipal Administration of Culture and Tourism, said in an interview with local media. The initiative is aimed at restoring the city’s economy after a prolonged lockdown due to the coronavirus pandemic. According to the National Bureau of Statistics, Shanghai’s GDP growth rate fell by 13,7% in the second quarter of 2022.

Fang Shizhong’s interview

How will the authorities promote technologies? Fang reported that at the Shanghai International Art Trade Week in November, the government will hold an event dedicated to digital art to promote NFTs. The department head also clarified that the authorities are still exploring the possibilities of introducing metaverses into the tourism industry.

According to Shanghai’s development plan, the total value of its city’s metaverse industry will reach $52 billion by 2025. In June, the authorities said that they would create a $1,4 billion fund for the development of industries related to the metaverse.

Earlier, a Chinese news agency released a report showing that the number of NFT marketplaces in the country increased five-fold since February 2022, from 100 platforms to more than 500. Interest in digital collectibles continues to grow despite warnings from the authorities about their dangers.

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