Wuhan removes NFTs from metaverse plans amid regulatory trouble in China

NFT


China has been dabbling in the metaverse since imposing a blanket ban on digital currencies in 2021. However, non-fungible tokens (NFTs) have been relegated to the background due to growing uncertainties from regulators around the class. of assets.

according to a report From the South China Morning Post, Wuhan is leading the move away from NFTs by removing the draft proposal it made to attract investment in NFTs from its industrial plan. Under the proposal, Wuhan authorities would have been forced to attract NFT investment to the city by offering incentives to industry players.

The revised document did not mention NFTs or digital collectibles but notes that the government and regulators would provide an enabling environment for companies to explore “decentralized operating models”. The document seems to include everything in the metaverse, stating that the city will be home to over 200 metaverse companies.

The document revealed that Wuhan harbors ambitious plans to build at least two metaverse industrial estates before 2025. Experts have pointed out that private companies in virtual worlds have received negative stance from the government, while cities such as Shanghai and Beijing have announced plans. to improve digital technology. economy of their cities through the use of the metaverse.

The shelving of NFT plans contrasts with the spike the asset class received in 2020. OpenSea recorded hundreds of listings from Shanghai residents during the COVID-19 lockdown as users sought to preserve their experiences on distributed ledgers, but the digital currency ban in the summer of 2021 the relationship soured.

The global fashion of the metaverse

The seemingly insane rush through the metaverse has made it one of the fastest growing areas in the digital asset ecosystem. Governments are stepping into the fray to challenge corporate dominance, and right now the balance seems to be tipping in favor of state-backed virtual worlds.

South Korea It sent waves of excitement through the industry after it announced it was splurging $200 million to develop virtual worlds. The country’s Ministry of Science and ICT revealed that the funds will be used to train 40,000 people in the metaverse, with the ultimate goal of transforming South Korea into the “fifth largest economy in the metaverse.”

The United Arab Emirates (UAE) also appears to be transitioning into the metaverse after it was revealed that the Ministry of Finance had opened an office in the metaverse. Dubai, the most populous city in the United Arab Emirates, declared that it planned to create 40,000 virtual jobs in the metaverse.

See: BSV Global Blockchain Convention Presentation, Masters of the Metaverse

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