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Given the lack of clarity in the regulatory landscape, Wuhan has decided to leave NFTs out of its Metaverse strategy.

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The Chinese city of Wuhan had reportedly omitted NFTs from the metaverse plan amid regulatory uncertainty surrounding crypto and Web3 technologies in the country. 

The metaverse revolution started when the globe was going through the coronavirus epidemic, which helped revive the economy after it was completely destroyed. During this same period, Shanghai accelerated the construction of its metaverse in preparation for China’s economic revival.

Following that, the government of Wuhan produced an industrial strategy for the growth of the metaverse economy. Within that plan was a line addressing NFTs; however, this particular line has been removed from the most recent edition.

In the updated version, there is no reference whatsoever of NFTs; instead, the emphasis is placed on firms that are associated with decentralized technology and Web3. In addition, according to the newly amended plan, Wuhan wants to help more than 200 enterprises become part of the metaverse and develop at least two industrial estates dedicated to the metaverse by the year 2025.

Several Chinese localities made steady progress on their metaverse ambitions in spite of the government’s hostile attitude toward matters relating to cryptocurrencies. Recently, Nanjing University in China introduced a new major that is specifically devoted to the study of knowledge associated with the metaverse.

Despite this, it is unclear what the Chinese government thinks about the developing Web3 technology, particularly with regard to the technologies involving crypto and NFTs.

Compiled by Coinbold

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