China actively supports the development of non-fungible tokens (NFTs) and decentralized applications, maintaining a focus on blockchain technology despite cryptocurrency restrictions. A recent document published by the Ministry of Industry and Information Technology announced the intention to develop strategic guidelines for the growth of Web3.
The main focus will be on key sectors, including governance and industry, with an emphasis on exploring new business models such as NFTs and decentralized applications. This will facilitate the acceleration of innovative application development and the formation of a digital ecosystem for Web 3.0according to the official report of the central government
The Ministry also announced plans to launch pilot projects in the field of distributed digital identity to explore authentication and management methods in the context of Web3. This latest encouragement for the development of Web3 by the central government follows promises by several local authorities to develop the metaverse industry earlier this year.
