July 21 (MT Newswires) -- China's second-most populous city, Shanghai, will be introducing a three-year plan to facilitate the growth of the tourism industry by promoting the metaverse.
As part of the city's economic recovery plan, this will encourage the use of non-fungible tokens in the culture and art industry.
The director of the Shanghai Municipal Administration of Culture and Tourism, Fang Shizhong, told an interviewer on Tuesday that the authorities are aligning with technology companies to learn how tourism could be improved through the metaverse. In November, city leaders will hold a digital art-themed event at the Shanghai International Artwork Trade Week.
Shanghai will be setting up a $1.4 billion fund to invest in the metaverse. Authorities forecast a $52 billion valuation for the city's metaverse industry by 2025.
According to the country's National Bureau of Statistics, the gross domestic product of the city decreased by 13.7% quarter-on-quarter in the three months ended June 30. There was a 0.4% growth in national GDP within the same period. Radical lockdown measures imposed amid increasing COVID-19 cases between mid-March and the early days of this month were to blame.
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