Chinese City Establishes Government-Backed Metaverse Platform

    Nanjing, the capital city of Jiangsu province in eastern China, has launched the Chinese Blockchain Technology and Application Innovation Platform to promote research and development in the metaverse sector nationwide.

    Led by Nanjing University of Information Science & Technology (NUIST), the newly formed state-backed entity comprises founding members representing a range of academic institutions and blockchain-related companies across mainland China.

    The primary objective of the platform is to consolidate the resources of academic institutions and enterprises in China, facilitating research and advancements in various metaverse-related fields. The term “metaverse” refers to a virtual universe or interconnected digital space encompassing virtual worlds, augmented reality, and virtual reality experiences, enabling real-time interactions between users and computer-generated environments.

    Nanjing, like other Chinese cities, is vying for a prominent position in the country’s metaverse development. In February 2023, the city unveiled its metaverse strategy, with the goal of cultivating a thriving industry that generates annual revenues exceeding 135 billion yuan ($19.13 billion) by the end of 2025.

    Despite China’s stringent regulations on cryptocurrencies and NFTs, the country recognizes the transformative potential of Web3 technologies, including the metaverse, in driving its digital economy forward.

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