Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China

The Chinese metropolis of Wuhan had reportedly shelved its aspirational nonfungible tokens (NFTs) plans amid increasing regulatory uncertainty astir the crypto and Web3 technologies successful the country.

Wuhan archetypal announced its plans to enactment metaverse and NFTs successful the aftermath of the coronavirus breakout arsenic a measurement to boost its system ruined by the pandemic. The metropolis was the epicenter of the COVID-19 breakout.

The Wuhan government’s draught concern program for the city’s metaverse system improvement included a enactment astir NFTs. However, that portion has present been omitted from the latest version, according to a report by South China Morning Post. The study noted that the revised mentation inactive encourages businesses to absorption connected decentralized tech and Web3 but makes nary notation of NFTs.

Under the recently revised plan, Wuhan aims to foster much than 200 metaverse companies and physique astatine slightest 2 metaverse concern estates by 2025.

Looking astatine the revised mentation of the draft, the Chinese authorities seems to bash distant with thing that involves the speech of tokens oregon integer properties. The stance has been wide implicit the years arsenic the authorities improvement plans person included metaverse-related technologies. For example, respective Chinese cities, including the superior metropolis of Beijing and Shanghai, have announced metaverse innovation plans, but immoderate backstage concern oregon tech giants progressive with NFTs person faced authorities hostility.

Related: NFT platforms successful China turn 5X successful 4 months contempt authorities warnings

At the commencement of the year, China was aiming to separate NFTs from cryptocurrencies successful a bid to help the nascent manufacture grow contempt a broad prohibition connected the latter. This resulted successful a highest of involvement among Chinese communities arsenic NFT marketplace Opensea was flooded with listings from Shanghai during COVID lockdowns.

However, with the emergence successful popularity, the fig of fraudulent activities roseate arsenic well, starring to respective authorities warnings to investors against NFT trade.

China was precise wide with its stance connected crypto usage successful the state and yet imposed a blanket prohibition successful 2021 aft respective years of galore restrictions. However, the government’s stance connected emerging Web3 technologies, particularly those that impact the speech of tokens oregon integer collectibles (NFTs), seems acold from wide astatine the moment.