As China is going through a phase of uncertainty and fluctuations in the policies regarding crypto and Web3, Wuhan, one of the prominent cities of China, has decided to stop its ambitious NFT plan. The first announcement for metaverse support came from Wuhan in the post-pandemic period. At the same time, it also mentioned supporting NFTs.
This was a step taken to boost its economy after the adverse damage done by the pandemBut; unfortunately, the first COVID-19 case came from Wuhan, making it the epicenter of the pandemic breakout.
The draft for the industrial plan given by the Wuhan government also mentions NFT. However, the new version of the draft doesn’t contain that line about NFT. This is reported by South China Morning Post. However, the report says that the new version of the draft says that businesses should emphasize decentralized tech and Web3. However, there was no inclusion of NFTs.
As per the latest plan, Wuhan targets to provide and aid 200 metaverse companies and startups. Their aim also includes developing two metaverse industrial estates by the dawn of the year 2025. The new version of the draft shows that the Chinese government is looking to do away with things that include digital assets such as tokens, etc. The government’s intention has been very clearly put forward with its action. For instance, different major cities of the country include plans for developing a Metaverse, such as Beijing and Shanghai. However, the businesses inclined toward NFT have been facing severe hostility from the government.
During the early period of this year, China was targeting to differentiate NFTs from the cryptocurrency industry. This was being done to aid the industry in development which is still in its primitive stage, along with a blanket ban. That’s why several Chinese communities showed their interest in the NFT industry.
