Xiamen reveals plan to bolster metaverse, NFT-related corporations

Xiamen has revealed its three-year motion plan to nurture its cluster of metaverse corporations concerned in non-fungible tokens (NFTs), VR/AR, chips and associated {hardware} with over 100 million yuan (US$15 million) in income, in response to the native authorities’s working plan.

See associated article: ‘Metaverse’ enters authorities radar at China’s Two Classes

Quick info

• A significant metropolis of China’s southeastern province of Fujian joins Beijing, Shanghai, and Nanjing in saying efforts to bolster native metaverse industries. 

• The non-public sector in China can be ramping up metaverse developments with tech giants partaking in a emblems race to safe companies associated to the metaverse. 

• Chinese language regulators have began limiting sure actions within the immersive world, most notably by banning cryptocurrencies, which act as a medium of alternate in blockchain-based metaverses, and vowing to crack down on unlawful fundraising schemes disguised as metaverse tasks. 

See associated article: South Korea needs to be the bodily residence of the metaverse