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On August 23, the Beijing municipal government unveiled a two-year (2022–2024) metaverse innovation and development plan, mandating all districts to follow the recently released Web3 innovation plan.The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that will drive the <a href="https://www.coingabbar.com/en/crypto-blogs-english/the-concept-of-domain-names-in-web-three-ens" rel="noopener noreferrer nofollow">internet’s growth towards Web3</a>. The innovation strategy focuses on fostering the growth of metaverse-related enterprises and assisting Beijing to become a digital economy benchmark city.The action plan calls on several districts to build city-level technology infrastructure and encourage its usage in a variety of industries, including education and tourism. The development program would include the integration of technology methods such as 3D visualization and GIS (Geographic Information System) to create a visual urban space digital platform and enhance the architecture of digital native intelligent infrastructure.The Metaverse development action plan also directs districts and municipalities to provide financial and human resource assistance in the establishment of a virtual reality. The Beijing municipal government also ordered that<a href="https://www.coingabbar.com/en/crypto-blogs-english/the-rise-and-fall-of-the-bored-ape-nfts" rel="noopener noreferrer nofollow"> nonfungible token (NFT) technology trends be monitored</a> and that regulatory sandbox programs be examined to foster innovation.Despite China’s anti-crypto stance, the government has expressed interest in the metaverse idea since early 2021. Prior to Beijing, Shanghai included the metaverse in its five-year development plan. However, the government’s interest in emerging technology has not resulted in any beneficial regulations for tech firms pursuing the same notion.As <a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow">CoinGabbar</a> reported in July, Tencent was forced to shut down one of the two NFT platforms due to dwindling sales helped by the Chinese government’s regressive monetary policies. Similarly, just hours after its inception, Alibaba was forced to hide all mentions of its NFT marketplace.Over the past couple of months, two major Chinese cities have unveiled multi-year action plans centered on the Metaverse and NFTs. In addition, 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 pilot phase.

Top Metaverse News: Beijing Announces Two-year Metaverse Innovation and Development Plan

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