The Chinese city of Wuhan had reportedly omitted NFTs from the metaverse plan amid regulatory uncertainty surrounding crypto and Web3 technologies in the country.
As the world experienced the coronavirus outbreak, the metaverse revolution began to boost the ruined economy. Around the same time, Shanghai ramped up its metaverse developments for China’s economic recovery.
Following that, the Wuhan government drafted an industrial plan for the metaverse economy development, including a line about NFTs which now has been omitted from the latest version.
The revised version focuses on businesses related to decentralized tech and Web3 without mentioning anything about NFTs. Moreover, Wuhan also intends to foster over 200 metaverse companies and build at least two metaverse industrial estates by 2025 under the newly revised plan.
Despite the government’s hostility towards crypto-related affairs, several Chinese regions steadily developed their metaverse plans. Most recently, Nanjing University in China launched a major dedicated to the study of metaverse-related knowledge.
Nevertheless, the Chinese government’s take on emerging Web3 technology, especially those that involve crypto and NFTs, seems ambiguous.
