Wuhan removes NFT from metaverse plan because of uncertain regulation in China

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Nike, Gucci and Adidas make hundreds of millions of dollars thanks to NFT

The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on the NFT is not very clear.

The Chinese city of Wuhan is said to have shelved its ambitious NFT development plans in amid growing regulatory uncertainty surrounding cryptocurrency technology and Web3.

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Wuhan for the first time announced plans to support the metaverse and NFTs after the coronavirus outbreak.

The Wuhan government's draft plan to develop a composite economy includes a line about NFTs. However, that part has now been omitted from the latest version, according to report  by the South China Morning Post. 

The report notes that the city still encourages businesses to focus on decentralized technology and Web3 but makes no mention of NFTs.

Under the newly revised plan, Wuhan aims to promote more than 200 metaverse companies and build at least two metaverse industrial parks by 2025.

Several Chinese cities, including the capital Beijing , and Shanghai, announced diversified innovation plans, but any private enterprise or any tech giants involved with the NFT face hostility from the government.


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