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Xiamen unveils a goal to expand its metaverse and NFT-related businesses

According to the local government’s working plan, Xiamen has unveiled its three-year action plan to foster its cluster of metaverse enterprises involved in non-fungible tokens (NFTs), virtual reality (VR/AR), chips, and related hardware with over 100 million yuan (US$15 million) in sales.

Fujian, China’s southeastern province, has announced measures to boost local metaverse companies, joining Beijing, Shanghai, and Nanjing.

The private sector in China is likewise accelerating metaverse development, with IT behemoths competing for trademarks to protect metaverse-related firms.

Chinese regulators have begun to restrict certain activities in the immersive world, most notably by prohibiting the use of cryptocurrencies as a medium of exchange in blockchain-based metaverses and threatening to crack down on unlawful fundraising schemes masquerading as metaverse ventures.

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