China’s second-most populous city will introduce a three-year plan to promote the metaverse in the tourism industry, and encourage non-fungible tokens (NFTs) in the art and culture industry, as part of a recovery plan for the city’s economy.
See related article: ‘Metaverse’ enters government radar at China’s Two Sessions
Fast facts
- The authorities have been working with tech firms to study how the metaverse can be applied to tourism, said Fang Shizhong, the director of the Shanghai Municipal Administration of Culture and Tourism, in an interview on Tuesday.
- Fang also said authorities will hold a digital art-themed event at November’s Shanghai International Artwork Trade Week to promote NFTs related to art and culture.
- Shanghai’s GDP growth rate fell by 13.7% in the second quarter from a year earlier, while the national GDP grew 0.4%, according to the National Bureau of Statistics.
- Authorities in the city imposed radical lockdown measures between mid-March and early July due to surging Covid-19 cases.
- The fallout of the lockdown was highlighted after an inflatable Donald Duck statue at Shanghai Disneyland reportedly deflated after the theme park was shut for 102 days during the lockdown.
- Shanghai expects its metaverse industry to grow to US$52 billion before 2025. It will also set up a fund of US$1.4 billion to invest in the metaverse.
See related article: NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan