Chinese City Nanjing Pioneer in Metaverse Industry with a State-Backed Platform
Chinese city Nanhing makes a significant stride toward embracing the Metaverse.
Nanjing, the capital city of Jiangsu province in Eastern China, launched the Chinese Blockchain Technology and Application Innovation Platform on May 22nd.
The platform is managed by the Nanjing University of Information Science and Technology (NUIST) and aims to stimulate nationwide Metaverse research and development.
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Announced via NUIST’s official social media channels, the platform’s founding members comprise a broad array of academic institutions and blockchain-focused companies from across mainland China.
This unique collaborative platform seeks to pool resources from both academic and corporate sectors within China, thereby enhancing research in the multifaceted field of the Metaverse.
Several Chinese cities, including Nanjing, are competing for a leading role in the development of the country’s Metaverse landscape. Earlier in February 2023, Nanjing unveiled its ambitious Metaverse strategy, targeting an industry with annual revenues surpassing 135 billion yuan ($19.13 billion) by the end of 2025.
Not to be outdone by smaller cities, Shanghai has charted its own path into the Metaverse. The city predicts that the jump into the Metaverse industry by 2025 should generate annual revenue of 350 billion yuan ($49.6 billion).
Shanghai has recently showcased its preliminary collection of 20 Metaverse use cases, ranging from virtual healthcare diagnostics to digital reproductions of its iconic architectural landmarks.
Despite China’s stringent regulations on cryptocurrencies and non-fungible tokens (NFTs), the country recognizes the transformative potential of Web3 technologies, including the Metaverse, to propel its digital economy forward.
Wu Zhong-ze, the former Deputy Minister of the Ministry of Science and Technology, stressed the importance of expanding the use of the Metaverse in a recent local media report.
Recently, CPIC Investment Management CEO Chenggang Zhou claimed that Hong Kong’s growing embrace of cryptocurrencies doesn’t signify a shift in mainland China’s stance on digital assets.
The unveiling of the Blockchain Technology and Application Innovation Platform in Nanjing signifies a crucial leap for China’s Metaverse ambitions. This unprecedented endeavor illustrates the government’s support and recognition of the disruptive potential of the Metaverse and Web3 technologies, charting a future course that merges the boundaries of reality and the digital realm.