Chinese authorities have unveiled plans to support the growth of non-fungible tokens (NFTs) and decentralized applications (dApps) within the country, despite the ban on digital assets.
In an effort to embrace Web3, China’s Ministry of Industry and Information Technology has released a document outlining strategies to develop the next generation of the internet within the country.
China’s keen interest in Web3
The document reveals that a dedicated committee will be formed to explore new business models based on NFTs and dApps, with the aim of creating a comprehensive digital ecosystem for Web3 that aligns with Chinese regulations.
To achieve this, the Ministry plans to:
- Provide funding to companies, universities, and research centers focused on studying Web3 and developing blockchain surveillance technologies.
- Foster international cooperation, urging Chinese developers to stay updated on the latest trends in the next generation internet.
- Promote and raise awareness about distributed ledger technology, NFTs, and dApps.
Additionally, the committee intends to launch pilot projects related to distributed digital identification in the future, further exploring authentication and virtual identity management in Web3.
Notably, China recently introduced RealDID, a blockchain-based platform designed for surveillance purposes.
Three-year plan to dominate the metaverse
In December of last year, the Chinese government pledged to develop the metaverse, with one Chinese province outlining a specific plan and allocating approximately $30 billion to the meta industry.
More recently, the city of Nanjing launched a national technology and application innovation platform focused on metaverse development across China.
Furthermore, five Chinese departments released a three-year action plan called “Yuanverse” to drive industrial innovation and metaverse development, with the expectation that the Chinese meta-industry market will reach 250 billion yuan ($31.1 billion) by 2025.
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