• China’s Jiangsu province capital city, Nanjing, launches state-backed metaverse platform.
• The platform is managed by the Nanjing University of Information Science and Technology (NUIST).
• The platform is aimed at bolstering research efforts in areas related to the metaverse.
China’s Jiangsu Province Launches State-Backed Metaverse Platform
Nanjing, the capital city of China’s eastern Jiangsu province, has unveiled a state-backed metaverse platform called the China Metaverse Technology and Application Innovation Platform. This platform will be managed by the Nanjing University of Information Science and Technology (NUIST) and is aimed at consolidating resources from academic institutions and enterprises in China to strengthen research efforts in fields related to the metaverse.
Metaverse Strategy for Nanjing
In February, Nanjing presented its own metaverse strategy which strives to make it a thriving industry with an annual revenue of more than $19.13 billion by 2025. The newly established platform will bring together resources from various academic institutions and companies throughout mainland China that specialize in or are related to the metaverse.
Metaverse Ambitions for Shanghai
Shanghai is also actively pursuing its own ambitions for a successful metaverse industry with an estimated 350 billion Yuan annual revenue by 2030. In April 2021, Shanghai presented its first collection of 20 use cases for the metaverse that include digital recreations of historic architectural landmarks and virtual healthcare diagnoses.
Chinese Regulations on Cryptocurrencies & NFTs
Despite strict regulations imposed on cryptocurrencies and non-fungible tokens (NFTs), China still acknowledges the transformative power of Web3 technologies including those behind the metaverse.
The launch of this state-backed metaverse platform signals potential progress in Chinese cities‘ pursuit towards becoming leading hubs for innovative web 3 technology advancements such as those associated with blockchain-based applications like cryptocurrency transactions or NFT marketsplaces.