China has been dabbling in the metaverse since imposing a blanket ban on digital currencies in 2021. However, non-fungible tokens (NFTs) have been relegated to the background due to growing uncertainties from regulators around the class. of assets.

According to a report by the South China Morning Post, Wuhan is leading the move away from NFTs by removing the draft proposal it made to attract investment in NFTs from its industrial plan. Under the proposal, Wuhan authorities would have been forced to attract NFT investment to the city by offering incentives to industry players.

The revised document does not mention NFTs or digital collectibles, but notes that the government and regulators would provide an enabling environment for companies to explore “decentralized operation…