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.

See related article: ‘Metaverse’ enters government radar at China’s Two Sessions

Fast facts

  • 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. 

See related article: South Korea wants to be the physical home of the metaverse