Beijing Releases Web 3 White Paper, Focus will be on Metaverse and AI
The document, titled the "Web3 Innovation and Development White Paper (2023)," was released by the Beijing Municipal Science & Technology Commission and states that web3 technology is an "inevitable trend for future Internet industry development." The release comes just ahead of Hong Kong's implementation of new crypto rules this week. The commission hopes to position Beijing as a leading global hub for the digital economy and plans to increase spending in the Chaoyang district by at least $14 million annually until 2025.
In the white paper, it acknowledges that Gavin Wood proposed Web3 and the content of the blockchain; but in the Chinese-style Web3, AI and metaverse are the main topics, and the blockchain part only mentions NFT.