Nanjing, the capital city of China’s Jiangsu province, has announced the launch of the China Metaverse Technology and Application Innovation Platform. This state-backed platform aims to consolidate resources from academic institutions and enterprises in China to advance research in metaverse-related fields. Led by the Nanjing University of Information Science and Technology (NUIST), the platform will bring together various stakeholders from mainland China.

Chinese cities are currently vying to become metaverse development hubs, and Nanjing is no exception. In February, the city unveiled its metaverse strategy, with a goal to create an industry generating over $19.13 billion in annual revenue by 2025.

In addition to Nanjing, Shanghai is also actively pursuing its metaverse ambitions. The city presented a collection of 20 metaverse use cases, including recreations of historic landmarks and virtual healthcare diagnoses, with the aim of creating a 350 billion Yuan annual revenue industry.

Despite maintaining strict regulations on cryptocurrencies and non-fungible tokens (NFTs), China recognizes the transformative potential of Web3 technologies, including the metaverse.

FAQs

What is the China Metaverse Technology and Application Innovation Platform?

The China Metaverse Technology and Application Innovation Platform is a state-backed platform launched by Nanjing, China. It aims to consolidate resources from academic institutions and enterprises to advance research in the metaverse.

Who is leading the platform?

The platform is led by the Nanjing University of Information Science and Technology (NUIST), along with other academic institutions and metaverse-related companies in mainland China.

What are the metaverse ambitions of Nanjing and Shanghai?

Nanjing aims to create a thriving industry with over $19.13 billion in annual revenue by 2025. Shanghai, on the other hand, is pursuing a 350 billion Yuan annual revenue industry in the metaverse sector.

Is China supportive of Web3 technologies?

Yes, despite strict regulations on cryptocurrencies and NFTs, China acknowledges the transformative power of Web3 technologies, including the metaverse.