News Report Technology
December 20, 2023

China’s MIIT Unveils Strategic Plan to Propel Web3 Innovation, Foster NFTs and DApps

In Brief

China’s MIIT plans to design a development strategy to promote Web3 innovation, NFTs and DApps aligned with the nation’s requirements.

China Unveils Strategic Plan to Propel Web3 Innovation, Foster NFTs, and DApps

The Ministry of Industry and Information Technology of China (MIIT) announced plans to formulate a strategic document to promote Web3 innovation and quality industrial development.  The ministry will engage in comprehensive research on Web3 to design a development strategy that aligns with the nation’s requirements.

The new strategy will outline the development trajectory, technical priorities, and application models for Web3, addressing key issues such as inheritance, innovation, security and balancing government and market dynamics.

The document focus will extend to government affairs and industry sectors, encouraging the evolution of emerging business models, such as NFTs and distributed applications (DApps), and accelerating the creative use of Web3, along with the establishment of a digital ecosystem.

Furthermore, the ministry announced plans to initiate pilots related to distributed digital identity, aiming to explore the realms of Web3 digital identity authentication and management.

China’s Central Government Advances Metaverse Development 

In a broader context, China‘s central government takes a proactive stance towards Web3 development, responding to local governments commitments to cultivate the metaverse industry within the country. 

Earlier this year, Sichuan province in southwestern China announced plans to expand its metaverse industry to a market size of $35 billion by 2025.

The local authorities detailed an action plan that includes building metaverse-related industrial parks and the nurturing of at least 15 leading metaverse firms. Specific initiatives involve optimizing blockchain infrastructure, reinforcing privacy protection measures, and developing cross-chain control.

In the new initiative, China’s Ministry of Industry and Information Technology plan to propel Web3 innovation highlights a strategic commitment to shape the nation’s digital landscape.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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