Shanghai included blockchain, NFTs and Web3 in its 5-year plan
China's biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), metaverse and Web3 in general during its next five-year plan.
On July 13, Shanghai's Municipal Government published the draft of its "14th Five-Year Plan for the Development of Shanghai's Digital Economy". A document sets the mission of "promoting the deep integration of digital technology and the real economy," with "scientists judging technology prospects" and "entrepreneurs discovering market demand".
The plan suggests supporting the enterprises that plan to construct the NFT trading platforms and "research and promote the digitization of NFT and other assets." A separate section is dedicated to blockchain, with a voiced commitment to promote the development and application of "blockchain+" technology and build a blockchain development ecosystem with strong innovation capabilities and independent control.
There is also a place for metaverse ambitions, as the municipal government plans to accelerate the research and deployment of the platform for the interaction between the virtual world and the real society by carrying out the development of core technologies and encouraging the creation of new platforms with richer and more diverse content scenarios. The plan emphasizes the significance of new forms of digital entertainment consumption, such as virtual concerts, virtual idols, and virtual sports.
A planned exploration of Web3 opportunities would include researching a multi-platform OpenID, distributed data storage, decentralized domain name resolution system (DNS), and end-to-end encrypted communication technology, complemented by the update of hardware base and deployment of 6G,
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