Capital city of China’s Jiangsu province launches state-backed metaverse platform – Crypto News – Crypto News
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Capital city of China's Jiangsu province launches state-backed metaverse platform Capital city of China's Jiangsu province launches state-backed metaverse platform

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Capital city of China’s Jiangsu province launches state-backed metaverse platform – Crypto News

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2 years ago

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  • Nanjing has launched the China Metaverse Technology and Application Innovation Platform.
  • The platform will be managed by the Nanjing University of Information Science and Technology (NUIST).
  • The platform is aimed at bolstering research efforts in areas related to the metaverse.

The capital city of China’s eastern Jiangsu province, Nanjing, recently unveiled the China Metaverse Technology and Application Innovation Platform, which is a state-backed metaverse platform. The platform is aimed at consolidating the resources of academic institutions and enterprises in China and bolstering research efforts in areas related to the metaverse.

The recent development comes at a time when Chinese cities are competing to become metaverse development hubs. Nanjing in February unveiled its metaverse strategy that aimed at creating a thriving industry with an annual revenue of more than $19.13 billion by the end of 2025.

The newly established platform will be led by the Nanjing University of Information Science and Technology (NUIST) and other diverse academic institutions and metaverse-related companies throughout mainland China.

Metaverse in China

The China Metaverse Technology and Application Innovation Platform aims at bringing together the resources of academic institutions and enterprises in China to strengthen research activities in metaverse-related fields.

Besides, Nanjing, the city of Shanghai is also actively pursuing metaverse ambitions aiming at making it a 350 billion Yuan annual revenue industry. The city recently presented its first collection of 20 metaverse use cases that spanned areas like digital recreations of historic architectural landmarks and virtual healthcare diagnoses.

Interestingly, China acknowledges the transformative power of Web3 technologies including the metaverse despite maintaining strict regulations on cryptocurrencies and non-fungible tokens (NFTs).

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