Beijing announces its 2-year development plan. Beijing takes the metaverse very seriously by launching a 2-year innovation and development plan. For this, the city intends to track all trends related to NFTs technologies and insert them into their education and tourism system.
To achieve this goal, the city of Beijing has set itself a relatively short deadline of two years. We should therefore see an in-depth modification of the targeted sectors with a switch to the web3 version.
This plan is relatively complex since it requires all districts to participate in the common effort. Eventually, the transition to the metaverse should make it possible to offer a new experience for users. If China seems closed to cryptocurrencies, the latter is very interested in the concept of the metaverse. Beijing may be the world's first metaverse city.
Web3 and metaverse, what is the link and how does it work?
Web3 is still a somewhat vague concept, but it is gradually becoming a reality thanks to projects like the one in Beijing. The idea of web3 is to have a completely decentralized version of the Internet. The decentralized version of this network would obviously be based on a blockchain that would govern all exchanges.
Where did the idea for Web3 come from?
The idea for Web3 came from one of Ethereum's co-founders, Gavin Wood. But it was a Briton who gave his name to web3 in 2014. The latter also heads the Web3 Foundation as well as Parity Technologies.
Web3 is still considered far too nebulous by its detractors. If it is true that Web3 is attractive at first glance, we still have trouble determining how it will be applied. Anyway, the Beijing project would be a good answer to Elon Musk's ironic question a few months ago who asked “has anyone seen web 3?”.
Beijing's solutions to build its Metaverse project
To carry out its project, Beijing has unveiled its strategy to achieve this in this record time:
- Help industry around the metaverse: Beijing wants to push its economy around the metaverse by encouraging industries related to it. The city wants to become a real reference in the field of the digital economy. To develop such an infrastructure, leaders will have to inject a lot of money. A lot of financial and human resources will be allocated for this huge project.
- Promote the metaverse: Beijing intends to push all districts to approve the use of the metaverse in educational settings and in tourism. The goal is to create high-performance platforms to accommodate new technology.
- Track new NFT technologies: the government has also requested that all new technologies related to NFTs be analyzed.
For the moment, the Web3 city project is still a bit messy. Beijing has not yet issued a clear plan as to the objectives. Apart from the fact that the latter wishes to be able to model the entire city in 3D, nothing has been revealed.
READ MORE: How To Get A Job In Metaverse And Web3?
Why is China so interested in Web3?
Beijing isn't the first city to begin its transition to the metaverse. Shanghai has already included the metaverse in its development plan over a period of 5 years. If the metaverse seems to be on the government's small papers, the crypto meanwhile is struggling to make its way.
This paradoxical reflection can be explained by the fact that China can regulate a system that it will have created from scratch. With such a system, China will have control over its own blockchain to run its web3 ecosystem.
This is a good way to regulate the crypto phenomenon in the country, in addition to providing a unique experience for tourists and education in the country. We could expect, in the next few years, the creation of a national bank for cryptocurrencies.
China will then have succeeded in regulating this new technology and implementing it in its economic and social landscape.
As far as education is concerned, the country wants to provide a new and more suitable environment for the modernized development of the world. In a translated official document, we can see the deep objectives of the Chinese government in the establishment of its education system:
"Promote digital education scenarios, support in-depth cooperation between Metaverse-related technology companies and educational institutions, develop intelligent and interactive online education models, and develop worldwide digital education platforms at industry level."
Metaverse, a good bet on the future as an investor?
The metaverse is in full expansion and we are just beginning to measure the possibilities. For the moment, the projects are flourishing and China is not the only player in this field. If you want to invest in NFTs and crypto projects, we advise you to find out about quality sites. Cryptopresales.com references all the best crypto projects of the moment via a listing page. You can use it to help you with your financial analyses.
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