March 31, 2023

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The largest city within China, Shanghai, formally plans to enhance the advancement in the innovations like Web 3, metaverse, and non-fungible tokens (NFTs), as well as blockchain in the strategy thereof for the upcoming five years.

Recently, the Municipal Government of Shanghai issued a draft comprising the 14th 5-year strategy to develop the digital economy of Shanghai. The transcript brings to the front the objective of advancing the thorough integration between the real as well as the digital economy and the scientists are analyzing the technology prospects while the entrepreneurs are exploring the market demand.

Providing Support To the Enterprises

The plan proposes the provision of support for the enterprises that have a strategy to establish NFT trading venues along with the research as well as propagation of digitalization of the assets including NFTs. An exclusive segment is specified for blockchain where there has been committed support for the advancement as well as the implementation of blockchain technology along with the construction of an ecosystem that would be responsible for the development of blockchain, resilient innovative abilities, and autonomous control.

While moving on, the document also discusses the endeavors related to the field of the metaverse, because the municipal authorities are determined to speed up the deployment and the research over the venue to establish a connection between the real society and the virtual world by incorporating the fundamental technologies along with persuading toward the unique venues’ creation to cope with different content situations.

Importance of the Unique Types Of Digital Entertainment Utilities

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The strategy puts stress on the importance of the unique types of digital entertainment utilities like virtual sports, virtual idols, and virtual concerts. An organized exploration of the opportunities related to web 3 would take into account the exploration of a multi-venue OpenID, end-to-end technology of encrypted communication, domain name resolution (DNS) which is decentralized, as well as distributed data storage, along with the development of the core hardware and 6G’s deployment among some others.

While the strategy does not mention anything dealing with the decentralized finance (DeFi)-related prospects, it talks about digital finance and promises to make advancements to the smart contracts as well as other things such as custody, registration, settlement, payment, as well as trading of the assets. Nonetheless, great importance has been given to delving into the Chinese central bank digital currency (CBDC) digital yuan’s pilot project which has been initiated on the behalf of the Bank of China.

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