On August 23, Beijing announced an ambitious two-year Metaverse innovation and development plan, set to span from 2022 to 2024. This initiative marks a significant step for the municipality, as it mandates all regions to align with the new Web3 innovation strategy.
The plan recognizes the Metaverse as a pivotal force in the next wave of information technology integration, potentially revolutionizing the internet’s evolution towards Web3.
Central to this development plan is the support and growth of Metaverse-related industries, aiming to position Beijing as a leader in the digital economy.
The action plan outlines the necessity for regions to develop city-level technological infrastructure, emphasizing its application in sectors such as education and tourism.
Key to this strategy is the integration of technical tools like 3D visualization and Geographic Information Systems (GIS), which are instrumental in constructing a visually rich digital city space and advancing the layout of domestic intelligent infrastructure.
One of the noteworthy aspects of this plan, as translated from the official document by Google Translate, is the emphasis on digital education.
It proposes the creation of digital education scenarios, fostering collaboration between Metaverse technology companies and educational institutions. The plan envisions expanding smart and interactive online education models and developing comprehensive digital teaching platforms.
Furthermore, the Metaverse development action plan instructs regions and municipalities to provide substantial financial and human resources to support the development of virtual reality. It also encourages keeping pace with NFT technology trends and exploring legal frameworks to bolster innovation.
China’s stance towards this initiative is particularly intriguing, given its historically anti-crypto stance. Despite this, the government has shown a growing interest in the Metaverse concept since early 2021.
Prior to Beijing, Shanghai also integrated the Metaverse into its five-year development plan. However, this governmental interest hasn’t yet translated into favorable regulations for tech companies exploring similar concepts.
Notably, Tencent, a major player in the Chinese tech industry, had to shut down one of its two NFT platforms recently due to declining sales and the government’s stringent monetary policies.
Alibaba also faced challenges, having to withdraw mentions of its newly launched NFT marketplace mere hours after its debut. This demonstrates the complex landscape companies navigate in aligning with the government’s vision while adhering to regulatory constraints.
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