Nanjing, the capital of China’s Jiangsu province, has taken a pioneering step in launching a government-supported metaverse platform, named the China Metaverse Technology and Application Innovation Platform. This initiative, spearheaded by the Nanjing University of Information and Science Technology (NUIST), aims to boost development in the metaverse sector nationwide.
Unifying Academic and Industry Resources for Metaverse Development
This platform represents a significant move for both the country and the industry, combining resources from academic institutions and metaverse-focused companies across China to stimulate further development. The founding members, representing a diverse set of stakeholders, are all invested in expanding the reach and capabilities of the metaverse.
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The metaverse, a virtual space comprising numerous digital worlds and experiences, typically incorporates augmented reality (AR) and virtual reality (VR) elements. It provides a digital setting where users can interact with each other, shaping a dynamic, interconnected universe.
China’s Push for Metaverse Dominance
In recent years, China has been striving to make notable progress in the metaverse field. As part of this effort, the country announced an ambitious metaverse strategy in February 2023, aiming to foster an industry that could generate over 130 billion yuan in revenue by the end of 2025.
Beyond Nanjing, Shanghai is another city endeavoring to cultivate its metaverse industry, primarily for economic incentives. While China maintains rigorous regulations around digital assets and NFTs, it recognizes and promotes the transformative power of Web3 and the digital technology industry.
