Shanghai Encourages Metaverse Use In Its 5-Year Development Plan

Shanghai encourages Metaverse use according to its 5-year development plan as we are reading more in our latest crypto news today.

The metaverse narrative is only enhancing and the latest mention came from the point of high authority. China’s biggest city Shanghai encourages metaverse as it included it in its 5-year development plan. According to a CNBC report, Shanghai is eager to get into the potential of what most believe to be a next-gen internet. Local authorities issued development plans for the next five years and one of them mentions the metaverse as per the media reports from China.

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According to the reported translation of an excerpt from the plan’s text and calls for encouraging the application of the metaverse in areas like public services, social entertainment, industrial manufacturing, electronic games. Moreover, the Chinese commission stated that its plans to increase the development and research of the technologies that underpin the narrative like real-time interaction and blockchain. However, there are no specific timelines for those above other than it being included in the 5-year development plan.

The metaverse became a hot topic right after Facebook decided to rebrand the company name to META in a bid to become the leading force when it comes to building it.

As recently reported, The Sandbox is an ETH-based metaverse game that is based around virtual land and NFT collectibles. The computer game held its first Alpha playtest and will hold more than 2022 ahead of the wider public release. Digital land sales are booming with the rising interest in crypto games and Facebook’s prominent push into the metaverse. However, these metaverse games like Decentraland, Sandbox, and Axie Infinity all were selling virtual plots for years before the metaverse hype started.

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If spending hundreds of thousands of dollars on digital land parcels seems crazy today, then imagine the gamble with the Sandbox first offering in 2019. early adopters are now seeing the benefits of the SAN token and LAND NFTs becoming even more valuable. The Sandbox COO and co-founder Sebastien Borget said it will validate to see his team’s idea for a community-owned online game world that will be embraced by more people.

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