Shanghai, the largest city in China, has announced plans to promote the development of technologies like nonfungible tokens (NFTs), the Metaverse, and Web3. Considering digital technology and market needs, Shanghai’s Municipal Government issued a draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy” on July 13. The focus of the plan is to boost the economy through digital technology, along with the creation and use of “blockchain+” technology. The importance of contemporary digital entertainment consumption, like watching sports, idols, and concerts virtually, is also emphasised in the strategy. It also cites “digital finance” to support smart contracts and enhance asset trading, payment and settlement, registration, and custody while remaining silent on the potential of decentralised finance (DeFi). The five-year plan’s other directions address smart cities, low-carbon energy, digital health, robotics, and other topics to keep in consideration.
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