Beijing unveils plan for metaverse innovation and development

Beijing authorities sent district institutions and committees the ‘Plan of Action for Metaverse Innovation and Development’ for 2022-2024. The aim of the document is to support the development of Web3 and industries linked to the sector.

According to the plan, Beijing should become a ‘benchmark for the digital economy’. The authorities asked the municipality to build technological infrastructure and promote its use across sectors, including education and tourism.

The development program envisages integrating various services to form a visual digital platform for the urban space. Districts are required to support ‘close cooperation’ with tech companies.

«Drawing on the Beijing Municipal Sub-Centre’s sector-guidance fund, create a sub-fund covering the metaverse industry to support startups and large projects», the document states.

In addition, authorities urged monitoring ‘the latest trends in NFTs’.

Earlier, Chinese authorities warned that non-fungible tokens and metaverses could turn out to be bubbles, Ponzi schemes or other forms of financial fraud.

Earlier in 2022, media reported that the China National Intellectual Property Administration rejected several applications for metaverse-related trademarks.

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