China launches state-backed Metaverse platform

The capital of China’s Jiangsu Province, Nanjing, has launched a new government-backed Metaverse platform. Specifically the China The Metaverse technology and application innovation platform aims to drive the development of the sector across the country.

The new program is led by Nanjing University of Information and Science Technology (NUIST). In addition a official announcement stated the founding members of the platform. All represent various academic institutions and Metaversum-centric businesses across the county.

In a very interesting development for the industry and the country, China has launched a government-backed Metaverse platform. In addition, it aims to pool the resources of various academic companies and institutions across the country. Then in the hope of further development of the sector.

The metaverse is a virtual space containing a variety of virtual worlds and experiences. In addition, it often includes augmented reality and virtual reality aspects for users. In addition, the digital space allows users to interact with each other in a digital environment.

China has attempted to make significant strides in its metaverse development in recent years. Specifically, in February 2023, the city unveiled a massive explosion Metaverse Strategy. It aims to create an industry that could generate sales of more than 130 billion yuan by the end of 2025.

Beside Nanjing, Shanghai is also keen to further develop its Metaverse industry. In addition, for similar financial reasons, the city is aiming for development in this sector. In contrast, China has very strict regulatory standards for digital assets and NFTS. However, it also highlighted the power of Web3 and the potential of the digital technology industry.