Chineses Unveils Govt Backed Game-Changing Metaverse Initiative
Nanjing, China establishes a state-backed blockchain platform to drive metaverse research and development, joining the country's efforts to become a leading player in the metaverse industry.
In a move to accelerate metaverse research and development in China, Nanjing, the capital city of Jiangsu province, has unveiled the Chinese Blockchain Technology and Application Innovation Platform. Led by the Nanjing University of Information Science and Technology (NUIST), the state-backed entity aims to facilitate collaboration among academic institutions and blockchain companies across the country.
The platform, comprised of founding members from diverse backgrounds, seeks to leverage the combined resources of academia and industry to advance research in metaverse-related fields. The metaverse, encompassing virtual worlds, augmented reality, and virtual reality experiences, is a digital realm where users interact with each other and computer-generated environments in real time.
Nanjing, along with other Chinese cities, is striving to establish itself as a key player in the metaverse space. In February 2023, the city unveiled its metaverse strategy, envisioning a thriving industry with annual revenues exceeding 135 billion yuan ($19.13 billion) by 2025.
Shanghai, another city at the forefront of metaverse ambitions, projects its metaverse industry to generate annual revenues of 350 billion yuan ($49.6 billion) by 2025. Recently, Shanghai showcased its initial collection of 20 metaverse use cases, ranging from virtual healthcare diagnoses to digital recreations of historical landmarks.
While China maintains stringent regulations on cryptocurrencies and non-fungible tokens (NFTs), it recognizes the transformative potential of Web3 technologies, including the metaverse, in driving its digital economy.
Wu Zhong-ze, former Deputy Minister of the Ministry of Science and Technology, emphasized the importance of expanding metaverse adoption in sectors such as education, commerce, healthcare, and entertainment. He also stressed the need to establish industry standards for the metaverse, underscoring its significance in shaping China's future digital landscape.
As China embraces the metaverse, the launch of Nanjing's state-backed platform signals the country's commitment to fostering innovation and technological advancement in this burgeoning field.
