Chinese City Launches Metaverse, Backed by the Government

May 24, 2023

Chinese City Launches Metaverse Backed by the Government

With the platform, academic institutions and businesses in China hope to pool their resources and advance metaverse-related research. The China Metaverse Technology and Application Innovation Platform were launched on May 22 in Nanjing, the provincial capital of Jiangsu, in order to promote and progress metaverse research and development throughout the nation.

The new state-backed Metaverse organization is reportedly led by the NUIST which stands for the Nanjing University of Information Science and Technology in the country. According to reports, the platform was founded by members of several academic and metaverse-related enterprises from around China.

The platform intends to pool the resources of Chinese academic institutions and businesses in order to improve research efforts in metaverse-related disciplines. The metaverse is a collective virtual realm that includes all virtual worlds, augmented reality, and virtual reality experiences. It is a networked digital arena in which users may interact with one another and computer-generated settings in real-time.

Nanjing and other Chinese cities are vying for a key role in the development of the country’s metaverse. The city published its metaverse plan in February 2023, with the goal of creating a thriving business with yearly earnings exceeding 135 billion yuan ($19.13 billion) by the end of 2025.

Shanghai is vigorously pursuing its metaverse ambitions, with the city forecasting that its metaverse business will generate an annual income of 350 billion yuan ($49.6 billion) by 2025. Shanghai recently unveiled its first set of 20 metaverse use cases, which include virtual healthcare diagnostics and digital recreations of the city’s historic architectural sites.

Despite severe prohibitions on cryptocurrencies and non – fungible tokens (NFTs), China recognizes the revolutionary impact of Web3 technologies, particularly the metaverse, in propelling its digital economy.

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