Xiamen reveals plan to bolster its metaverse, NFT-related firms

Xiamen has revealed its three-year action plan to nurture its cluster of metaverse firms involved in non-fungible tokens (NFTs), VR/AR, chips and related hardware with over 100 million yuan (US$15 million) in revenue, according to the local government’s working plan.

See related article: ‘Metaverse’ enters government radar at China’s Two Sessions

Fast facts

• The capital city of China’s southeastern province of Fujian joins Beijing, Shanghai, and Nanjing in announcing efforts to bolster local metaverse industries. 

• The private sector in China is also ramping up metaverse developments with tech giants partaking in a trademarks race to secure businesses related to the metaverse. 

• Chinese regulators have started restricting certain activities in the immersive world, most notably by banning cryptocurrencies, which act as a medium of exchange in blockchain-based metaverses, and vowing to crack down on illegal fundraising schemes disguised as metaverse projects. 

See related article: South Korea wants to be the physical home of the metaverse