Chinese city launches state-backed Metaverse platform

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Chinese city launches state-backed Metaverse platform

On May 22, Nanjing, capital of east China’s Jiangsu Province, opened the China Metaverse Technology and Application Innovation Platform to boost Metaverse R&D across the country.

The newly established state-sponsored institution is led by Nanjing University of Information Science and Technology (NUIST). According to a Notice On NUIST’s official social media account, the platform consists of founding members representing various academic institutions and Metaverse-related companies across mainland China.

The platform aims to pool the resources of academic institutions and companies in China and strengthen research efforts in metaverse-related fields. The metaverse refers to a virtual universe or collective virtual space that includes all virtual worlds, augmented reality and virtual reality experiences. It is a connected digital realm where users can interact with each other and with computer-generated environments in real time.

Nanjing and other Chinese cities compete to occupy a prominent position in the country’s metaverse development. In February 2023 the city revealed Its Metaverse strategy aims to create a thriving industry with annual sales of over 135 billion yuan (US$19.13 billion) by the end of 2025.

The city of Shanghai is actively pursuing its metaverse aspirations, predict Its metaverse industry will reach 350 billion yuan (US$49.6 billion) in annual revenue by 2025. Shanghai recently demonstrated its first collection of 20 Metaverse use cases, covering diverse areas such as virtual health diagnostics and digital recreations of the city’s historical architectural landmarks.

Related: The Chinese state-owned company Greenland is applying for a license to trade in virtual assets in Hong Kong

Although China has strict regulations to cryptocurrencies and non-fungible token NFTsit recognizes the transformative power of Web3 Technologies, including the Metaverse, in drives its digital economy forward.

In a current report Speaking to local media, Wu Zhong-ze, former deputy minister of the Ministry of Science and Technology, stressed the importance of expanding the use of the metaverse in various sectors, including education, commerce, healthcare and entertainment. He also stressed the need to establish industry standards for the metaverse.

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