It has been announced that Shanghai, China’s biggest city, would increase its focus on developing blockchain, nonfungible tokens (NFTs), metaverse, and Web3 technologies during the next five years.
A draft of the “14th Five-Year Plan for the Development of Shanghai’s Digital Economy” was issued by Shanghai’s municipal government on July 13. Researchers and entrepreneurs are tasked with evaluating “technological potential” in order to “advance the deep integration of digital technology and the real economy.”
As part of the plan, enterprises who are interested in developing NFT trading platforms will get assistance, and the digitization of NFT and other assets will be studied and promoted. “blockchain+” technology and a “blockchain development ecosystem with autonomous governance” are emphasized in this particular section, with a declared commitment to encourage the development and deployment of “blockchain+.”
As the municipal government plans to speed up research and deployment of the platform for interactivity between the virtual world and real society by developing core technologies and encouraging the development of new platforms with richer and more diverse content scenarios, there is room for metaverse ambitions as well. As a result of this shift, the approach places a higher value on emerging forms of digital entertainment consumption including virtual concerts, virtual idols, and virtual sports.
OpenID, distributed data storage, decentralized domain name resolution system (DNS), and end-to-end encrypted communication technology are all part of a planned exploration of Web3 opportunities. In addition to updating hardware and deploying 6G, IPv6, sixth-generation wireless network technology (Wi-Fi6), and quantum communication.
There is no mention of “decentralized finance” (DeFi), but there is a reference to “digital finance,” pledging to stimulate smart contracts and improve asset trading, payment and settlement, registration and custody. But this part concentrates on the pilot of the digital yuan, which the Bank of China favors as a central bank digital currency (CBDC)
Blockchain technology is not the only focus of a five-year strategy, which includes smart cities and other areas such as low-carbon energy and digital health.
On June 26th, CEO of Red Date Technology Yifan He called private cryptocurrencies the “biggest Ponzi scheme in human history,” referring to his company’s involvement in China’s primary blockchain endeavor, the Blockchain Service Network (BSN).
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