Beijing Announced a Two-Year Plan for the Development of the Metaverse

Beijing unveiled its two-year Metaverse innovation and development plan on August 23, mandating that all districts adhere to the recently mandated Web3 innovation plan.

In the growth implementation strategy, the Metaverse is described as a new generation of information technology integration and innovation that will propel the online services towards Web3. The strategic planning aims to foster the expansion of enterprises associated with the metaverse and assisting Beijing in becoming a digital economy benchmark city.

The action plan mandates that districts build technology at the city level and promote its use in a variety of industries, including education and tourism. The development plan would involve the incorporation of technology techniques such as 3D visualization and GIS (Geographic Information System) in order to create a graphical urban area digital platform and improve the architectural features of digital native develop these skills.

A Google Translate transcript of the official document reveals the following:

“Promote digital education scenarios, support in-depth

Expand intelligent and interactive online education models, and develop industry-wide digital teaching platforms.”

The Metaverse development action plan also directs districts and municipalities to provide financial and human resource assistance for virtual reality’s establishment. The city administration of Beijing also mandated the monitoring of nonfungible token (NFT) technology trends and the investigation of regulatory sandbox programs to foster innovation.

Despite China’s anti-crypto position, the government has expressed interest in the metaverse idea since early 2021. Prior to Beijing, Shanghai included the metaverse in its five-year growth plan. However, the government’s interest in emerging technology has not resulted in any beneficial rules for tech firms pursuing the same notion.

Beijing announced

its two-year Metaverse innovation and development plan which will see many new developments in the coming two years.

In other news, in July Tencent was forced to close one of the two NFT platforms due to dwindling revenues helped by the Chinese government’s regressive monetary policy. Similarly, only hours after its inception, Alibaba was forced to remove any mentions of its NFT marketplace.

Two large Chinese cities have established multi-year action plans centered on the Metaverse and NFTs in recent months. The Chinese government’s growing interest in top Web3 technology might lead to greater adoption in the country, comparable to its central bank digital currency (CBDC), which is already being used by millions in the test phase.