Beijing Unveils a Two-Year Plan for Metaverse Development and Innovation

Beijing Unveils a Two-Year Plan for Metaverse Development and Innovation

The municipal government of Beijing announced on the 23rd of August that it would begin a two-year program for development and innovation in the Metaverse space from 2022 to 2024. The entire city would be required to adhere to the exclusive innovation plan targeting the world of Web3, and the program was scheduled to begin in 2022.

Beijing has announced a plan for advancements in the metaverse that will take place during the next two years.

This development program identifies the Metaverse as a generation that is one of a kind in terms of the integration and innovation of information technology to increase the progression inside the internet environment toward Web3. The attention of the innovation program is dedicated to the development of the advancement of industries dealing with the Metaverse and to aiding Beijing in the construction of a beautiful city related to the digital economy. This assistance will be provided as part of the innovation program.

The program demands the creation of technological infrastructure by the various districts at the municipal level, as well as the promotion of its utility in a variety of areas, including tourism and education, among others.

In order to construct and establish a digital venue as well as effectively improve the organization of the digital infrastructure, the development plan would see the incorporation of technology means such as GIS (Geographic Information System), 3D visualization, and other such technical methods.

In addition, the development plan for the Metaverse has urged the districts and the municipalities to provide both financial and human assistance for the formation of virtual reality. This support should be provided so that virtual reality can be created. Additionally, the local administration of Beijing issued a request for the sandbox projects to advance forward and provide assistance for their development.

There will be widespread adoption of Web3 and the Metaverse in China.

Since the beginning of the previous year, China’s authorities have showed interest in the concept of the Metaverse, despite the country’s notoriety for its anti-crypto stance. Despite this, the government of the country’s interest in the developing technology has not resulted in any beneficial rules for the case of technological companies that are exploring the same concept.

According to sources from the month of July, the well-known video game developer “Tencent” was forced to close one of the two venues where it offered non-fungible tokens because falling sales were a direct result of the Chinese government’s decision to reverse its monetary policies. In a similar vein, Alibaba was required to cover up all of the signs of its NFT marketplace immediately after the launch of the platform shortly after it was first made available to the public.

During the past two months, a couple of well-known cities in China have announced action plans centered around the NFTs as well as the Metaverse. These programs are intended to promote economic development. This growing interest on the part of the government in the widely used Web3 technology may pave the way for its more widespread implementation across the country.

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