Shanghai Announces 5-Year Plan with Blockchain, Metaverse, NFTs and Web 3!

The municipal government of Shanghai recently announced its 5 year plan. A trio of technology that is future-focused made the cut, namely: blockchain, NFTs and Web 3. The government pledged its support of enterprises that are entering into the non-fungible market, and as a growth-focused agency, Nexa is excited about this news and the precedent it is setting for the rest of the world.

Why Does Shanghai’s 5-Year Plan Matter?

Shanghai is China’s biggest city. Its 5-year plan is a glimpse of what will come in the next few years. These changes will undoubtedly influence a wider span than the city itself, with the likes of Dubai already following suit.

This forms part of the 14th Five-Year Plan for the Development of Shanghai’s Digital Economy. The mission is to promote the deep integration of digital technology and the real economy with “scientists judging technology prospects” and “entrepreneurs discovering market demand.”

Shanghai is also one of the host cities in China’s blockchain technology adoption trials. As a host city of this intensive campaign, various entities have the opportunity to test blockchain software and hardware in collaboration with the Cyberspace Administration of China. Various industries are taking part, including entities in the education, healthcare, energy, finance, law enforcement, taxation, public services, manufacturing, and quality market.

By supporting development of these innovative technologies, they are likely to receive a critical boost, bringing the reality of blockchain, NFTs, Web 3 and the metaverse into everyday lives.

shanghai 5-year digital economy plan

What Is In Shanghai’s 5-Year Plan?

Since the plan touches on blockchain, NFTs, and Web 3, let’s look at each one separately:

Blockchain: A commitment to promoting the development and application of blockchain technology and building a blockchain development ecosystem with strong innovation capabilities and independent control.
NFTs: Supporting enterprises that will be constructing NFT trading platforms. This involves research and digitisation of NFTs and other assets, in a move that is believed to advance the protection of intellectual property.
Metaverse: Accelerating the research into and deployment of metaverses with the intention of connecting virtual worlds with real-life society. To achieve this, they will carry out the development of core technologies and encourage the creation of new platforms with richer and more diverse content. It will also emphasize the significance of new forms of digital entertainment consumption.
Web 3: Exploring Web 3 opportunities with research into a multi-platform OpenID, distributed data storage, a DNS, encrypted communication technology, hardware updates, the deployment of 6G, IPv6, WiFi6, and quantum communication.

The plan promises to promote smart contracts and improve asset trading, payment and settlement, registration and custody. Other non-crypto related elements of the plan includes the likes of smart cities, low-carbon energy, digital health, and intelligent service robots. There is a focus on key technologies which includes AI, cloud computing, and big data.

What Does the Plan Exclude?

The plan excludes mention of decentralized finance (DeFi), though it mentions “digital finance.” There is emphasis placed on exploring the pilot of the digital yuan, the central bank digital currency (CBSC) by the Bank of China.

What Does this Mean for the Future?

As we get closer to the emergence of Web 3 and a change in the way we use the internet, there is a lot of groundwork to cover. With governments supporting these developments, these technologies have the benefit of accelerated growth and credible backing. As mentioned above, other cities have also pledged their support for NFTs, Web3, and blockchain technology.

Future-Proof Your Business

Nexa is a growth agency, committed to helping businesses thrive in the future. We offer a range of services in the realm of the metaverse and Web 3. Book a quick meeting with us to find out how your business can explore this exciting world, where plenty of business opportunities await!

We’ll help you figure out where to start and the key aspects of Web 3 and the Metaverse that you need to be aware of, as well as where your business fits into it all.

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