Amidst Chinese government warnings about cryptos, NFTs, and the Metaverse, Wuhan City joins a growing list of Chinese cities and provinces to go Metaverse.
Metaverse interest in China spikes in spite of government warnings
Despite persistent government warnings, we reported late last year that Chinese tech firms were moving to the Metaverse. More than 1,300 Chinese enterprises have registered Metaverse-related trademarks, according to reports. The registrations came despite the Chinese government’s efforts to use AML techniques to crack down on NFTs and the Metaverse.
“Virtual assets as a channel for unlawful activities, facilitated by the isolated character of NFTs and Metaverse-based items,” according to China’s state bank, the PBoC.
There have been a lot of reports of Chinese provinces and cities entering into the Metaverse since NFTs. Moreover the Metaverse became big news at the turn of the year. CNBC reported at the end of last year that Shanghai had unveiled its 5-year development plan. Which includes “Metaverse use in public areas, company offices, and other sectors.”
Since then, reports of the official Xinhua news agency distributing a digital media photo collection via NFTs has made the rounds on the wires. Despite official warnings and promises to crack down on NFT activities, the move was made.
Wuhan province plans metaverse
Overnight, news broke that Wuhan City was preparing to create a Metaverse to aid in the economic recovery from the COVID-19 pandemic.
According to the paper, among other 2022 work plan aspects, the city would integrate the Metaverse and blockchain into its economy.
Wuhan is the capital of Hubei Province and China’s ninth-most populous city. In the year 2020, the Wuhan market was the epicenter of the COVID-19 outbreak.
Metaverse linked price predictions for 2022
SAND and MANA are two main Metaverse projects, according to a research published late last year. Last year, both tokens were among the top performers. As interest in the Metaverse develops, the markets are anticipating more of the same. According to Morgan Stanley researchers, the Metaverse might expand to a $8 trillion market.
MANA was down 3.14 percent to $3.022 at the time of writing. A rise back through the current month’s high of $3.44 would open the door to the December high of $4.82 and the November ATH of $5.91. The opening of China’s floodgates can only be good for companies like MANA and SAND. However, competition in virtual space will increase as a result.