Chinese city establishes government-backed metaverse platform

Simar Marwaha
Simar Marwaha
Published on May 24, 2023 06:02 PM

The purpose of this platform is to combine the financial might of Chinese corporations and academic institutions to fund research initiatives in fields related to the metaverse.

Chinese city establishes metaverse platform
Source: Forbes

China's Jiangsu Province's capital, Nanjing City, officially opened the China Blockchain Technology and Application Innovation Platform on May 22. This platform, which is funded by the government, intends to encourage and improve metaverse research and development throughout the nation.

Nanjing University of Information Science & Technology (NUIST) is in charge of the recently created state-sponsored organization. The platform's initial members include various academic institutions and blockchain-related businesses across mainland China, according to a statement on NUIST's official social media account.

Chinese City debuts Metaverse platform sponsored by the government

On May 22, Nanjing City, the capital of China's Jiangsu Province, formally inaugurated the China Blockchain Technology and Application Innovation Platform. This government-funded portal aims to promote and advance metaverse research and development across the country.

Freshly established state-sponsored organization is managed by the Nanjing University of Information Science & Technology (NUIST). According to a post on NUIST's official social media account, the platform's inaugural members include several academic institutions and blockchain-related enterprises from all around mainland China.

The goal of this platform is to pool the resources of Chinese businesses and academic institutions in order to support research projects in areas connected to the metaverse. A collective virtual realm that includes all virtual worlds, augmented realities, and virtual reality experiences is referred to as the metaverse. Real-time interaction between people and computer-generated surroundings is possible in this networked digital space.

Nanjing is vying with other Chinese cities for a leading role in the growth of the nation's metaverse. The city unveiled its metaverse plan in February 2023, with the goal of developing a thriving sector with yearly sales exceeding $19.13 billion (135 billion yuan) by the end of 2025.

The city of Shanghai is vigorously pursuing its metaverse objectives in Nanjing's southern area. By 2025, the city expects its metaverse business to generate $49.6 billion (350 billion yuan) in yearly income. Shanghai recently unveiled its inaugural collection of 20 metaverse use cases, encompassing a range of topics including digital recreations of the city's historic architectural monuments and virtual healthcare assessments.

Although it continues to impose stringent restrictions on NFTs and cryptocurrencies, China recognizes the revolutionary potential of Web3 technologies, such as the metaverse, in advancing its digital economy.

Wu Zhong-ze, a former deputy minister of the Ministry of Science and Technology, recently emphasized the significance of increasing the usage of the metaverse in a variety of fields, including education, business, healthcare, and entertainment, in a story from local media. He also emphasized the importance of creating metaverse industry standards.




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