Chinese city launches government-backed metaverse platform

Nanjing City, the capital of China’s Jiangsu Province, inaugurated the China Blockchain Technology and Application Innovation Platform on May 22. The objective of this government-backed platform is to promote and advance metaverse research and development across the country.

The newly established state-backed entity is headed by the Nanjing University of Information Science and Technology (NUIST). according to a Announcement On NUIST’s official social media accounts, the forum includes founding members representing diverse educational institutions and blockchain-related companies in mainland China.

The platform aims to bring together the resources of academic institutions and enterprises in China, strengthening research efforts in areas related to the metaverse. Metaverse refers to a virtual universe or collective virtual space that includes all virtual worlds, augmented reality, and virtual reality experiences. It is an interconnected digital realm where users can interact in real time with each other and with computer-generated environments.

Nanjing, along with other Chinese cities, is competing to take a prominent place in the country’s metaverse development. In February 2023, the city revealed Its overarching strategy is to build a thriving industry with annual revenue of over $19.13 billion (135 billion yuan) by the end of 2025.

To the south of Nanjing, the city of Shanghai is actively pursuing its broader aspirations. Metropolitan let’s imagine Its metaverse industry is reaching an annual revenue of $49.6 billion (350 billion yuan) by 2025. recently shanghai Presented Its initial collection of 20 metaverse use cases covers diverse areas such as virtual health care diagnostics and digital recreations of city historical architectural landmarks.

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While China maintains tight regulations on cryptocurrencies and NFTs, the country acknowledges the transformative power of Web3 technologies, including Metaverse, in driving its digital economy.

recently reports Speaking to local media, Wu Zhong-Zhe, former vice minister of the Ministry of Science and Technology, highlighted the importance of expanding the use of the metaverse to various fields, including education, commerce, health care, and entertainment. He also stressed the need to set an industry standard for the Metaverse.

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