Shanghai’s economic recovery plan banks on metaverse, NFTs

Shanghai, the second most populated city in China, is looking at the metaverse and non-fungible tokens as an integral part of a three-year economic recovery program, Forkast reported.

The plan was developed following a two-month lockdown enforced by city authorities in compliance with the country’s zero-Covid policy. The lockdown was eased on June 1, 2022, but Shanghai’s GDP growth rate had already dropped by 13.7% in the second quarter from the same period in 2021.

The lockdown was also recently reinforced as new infection clusters have been reported within Shanghai and other cities.

Among the options being explored is how the metaverse can be incorporated into tourism, said Fang Shizhong, director of the Shanghai Municipal Administration of Culture and Tourism. The city is also considering a digital art-themed event to promote related NFTs during the Shanghai International Artwork Trade Week.

Shanghai’s metaverse industry is projected to hit US$52 billion before 2025. The city aims to allot a US$1.4 billion fund to reach that goal.

See also: An audacious China-backed plan to reboot the internet with blockchain