Government-supported Metaverse Platform Launched by Chinese City

Nanjing, China’s Jiangsu province capital, has taken a huge step forward in metaverse research and development with the establishment of the China Metaverse Technology and Application Innovation Platform. The platform, led by Nanjing University of Information Science and Technology (NUIST), aims to stimulate collaboration and propel the expansion of the country’s metaverse ecosystem.

Bringing Academic Institutions and Businesses Together for Metaverse Advancement

The newly founded platform brings together a broad collection of founding members from various regions of mainland China, including academic institutions and metaverse-related firms. The platform aims to strengthen research projects in metaverse-related domains by harnessing the aggregate resources and skills of these stakeholders. The metaverse, which includes virtual worlds, augmented reality, and virtual reality experiences, provides users with a digital domain that is interconnected and allows for real-time interaction.

Chinese Cities’ Metaverse Race

Nanjing is one of several Chinese cities competing for a leadership position in the development of the country’s metaverse. The city unveiled its metaverse plan earlier this year, with the goal of cultivating a robust business with annual earnings exceeding 135 billion yuan ($19.13 billion) by 2025. Similarly, Shanghai has set its eyes on becoming a metaverse center, with projections of 350 billion yuan ($49.6 billion) in annual industry revenue by the same year. Shanghai recently displayed an early collection of 20 metaverse use cases, including virtual healthcare diagnosis and digital recreations of prominent architectural sites.

China Recognizes the Economic Potential of the Metaverse

Despite China’s severe controls on cryptocurrencies and non-fungible tokens (NFTs), the country recognizes the revolutionary significance of Web3 technologies, such as the metaverse, in propelling the country’s digital economy ahead. Former Deputy Minister of Science and Technology Wu Zhong-ze emphasized the significance of growing metaverse use across areas including as education, commerce, healthcare, and entertainment. He also emphasized the importance of developing industry standards to promote metaverse development.

The Metaverse Landscape in China Has a Bright Future

China’s commitment to encouraging metaverse innovation and advancing the nation’s digital environment into the future is reaffirmed with the establishment of the China Metaverse Technology and Application Innovation Platform. The platform intends to speed the development of the metaverse by collaborative efforts and the integration of academic expertise and corporate resources, allowing China to capitalise on the potential presented by this developing digital frontier.