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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.
Himanshu S.
8:26 29th Mar, 2022
Metaverse

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.

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