Nanjing City, the capital of Jiangsu Province in China, has taken a significant step towards embracing the metaverse revolution by inaugurating the China Blockchain Technology and Application Innovation Platform.
This government-supported initiative, led by the prestigious Nanjing University of Information Science & Technology (NUIST), aims to accelerate metaverse research and development nationwide.
The platform brings together various founding members from academic institutions and blockchain-related companies throughout mainland China. By harnessing the collective resources of these entities, the platform seeks to strengthen research efforts in metaverse-related fields.
The metaverse, a virtual universe comprising augmented reality, virtual reality, and other digital experiences, allows users to interact with one another and computer-generated environments in real time.
Nanjing is among several Chinese cities vying for a leading position in the country’s metaverse development. In line with its ambitious metaverse strategy unveiled in February 2023, the city aims to cultivate a thriving industry with annual revenues exceeding 135 billion yuan ($19.13 billion) by the end of 2025.
Shanghai, situated in the southern region of Nanjing, is also actively pursuing its metaverse aspirations, envisioning an annual metaverse industry revenue of 350 billion yuan ($49.6 billion) by 2025. To demonstrate its commitment, Shanghai has recently showcased an array of 20 metaverse use cases, ranging from virtual healthcare diagnoses to digital recreations of the city’s historic architectural landmarks.
Despite China’s strict regulations on cryptocurrencies and non-fungible tokens (NFTs), the country recognizes the transformative potential of Web3 technologies, including the metaverse, in driving its digital economy forward.
In a recent report, Wu Zhong-ze, the former deputy minister of the Ministry of Science and Technology, emphasized the significance of expanding metaverse applications across various sectors, such as education, commerce, healthcare, and entertainment. Wu also stressed establishing industry standards to ensure the metaverse’s growth and development.
Establishing the China Blockchain Technology and Application Innovation Platform represents a major stride towards propelling China’s metaverse ecosystem.
By fostering collaboration between academia and industry, this government-backed initiative is poised to unlock the full potential of the metaverse and cement China’s position as a global leader in this rapidly evolving digital landscape.