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
306
2 min
0
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.
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.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024