Xiamen has revealed its three-year action plan to nurture its cluster of metaverse firms involved in non-fungible tokens (NFTs), VR/AR, chips and related hardware with over 100 million yuan (US$15 million) in revenue, according to the local government’s working plan.
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- A major city of China’s southeastern province of Fujian joins Beijing, Shanghai, and Nanjing in announcing efforts to bolster local metaverse industries.
- The private sector in China is also ramping up metaverse developments with tech giants partaking in a trademarks race to secure businesses related to the metaverse.
- Chinese regulators have started restricting certain activities in the immersive world, most notably by banning cryptocurrencies, which act as a medium of exchange in blockchain-based metaverses, and vowing to crack down on illegal fundraising schemes disguised as metaverse projects.
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