Shanghai could become China’s top city for NFT-related industries

Shanghai is committed to taking the lead in supporting the development of non-fungible tokens (NFTs), as the municipal government expressed its ambition in a recently released official guideline.

The Shanghai municipal government said it “supports leading companies to explore and establish NFT trading platforms,” ​​according to the city’s 14th Five-Year Plan on the development of the digital economy released this week.

The guidelines came at a time when China has been unequivocal in criticizing NFTs. In April, China’s major financial associations published a notice warning of the financial risks posed by blockchain-based digital tokens and NFTs.

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However, Shanghai intends to promote the city as one of the first Chinese cities to trial NFT digital assets and related industries, focusing on exploring business models and their application for intellectual property protection.

In a section on improving digital infrastructure, the guidelines say that the city should “accelerate the exploration of digital transformation and applications of digital technology in the fields of virtual digital assets, works of art, intellectual property and the games.

The Shanghai municipal government said it “supports leading companies to explore and establish NFT trading platforms”

The guidelines also mention cultivating metaverse-related businesses, promoting research into core technologies such as avatars, virtual reality, mixed reality, and 3D scanning. Virtual live shows, virtual idols, and other forms of digital entertainment are also encouraged.

According to the plan, the city aims to increase the value of the digital economy by RMB 3 trillion (US$446 billion) by the end of 2025, with the goal that it will account for more than 60% of the city’s global economy.

Article republished by the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to original article: https://news.cgtn.com/news/2022-07-15/Shanghai-might-become-China-s-first-city-for-NFT-related-industries-1bH9ooz3Y64/index.html