Nanjing City in China’s Jiangsu Province introduced the “Blockchain Technology and Application Innovation Platform of China” to advance metaverse research and development across the country.
The entity plans to bring together the resources of academic institutions and businesses in China to strengthen research in metaverse-related fields.
Nanjing University of Information Science & Technology (NUIST) leads the state-backed entity, with participation from academic institutions and blockchain-related companies across China. This collaboration aims to foster innovation and research in the metaverse field.
In September 2022, the university launched China’s first metaverse major. In April 2023, they established a dedicated department for wearable virtual reality devices.
Nanjing is actively competing with other Chinese cities to become a frontrunner in the metaverse development. With its metaverse strategy announced in February 2023, Nanjing aims to create a thriving industry generating annual revenues of over 135 billion yuan ($19.13 billion) by 2025.
Shanghai, located south of Nanjing, is actively pursuing its metaverse goals and aims to reach an annual revenue of 350 billion yuan by 2025. The city has already showcased 20 metaverse use cases, including virtual hospital diagnoses and digital recreations of historic landmarks.
China acknowledges the transformative power of Web3 technologies like the metaverse for its digital economy, despite its strict stance on cryptocurrencies and NFTs. A government-affiliated think tank has urged policymakers to utilize the metaverse to strengthen real-world industries.
Wu Zhong-ze, former deputy minister of China’s Ministry of Science and Technology, highlighted the importance of expanding metaverse applications in sectors like education, commerce, healthcare, and entertainment. He emphasized the need for establishing industry standards for the metaverse.
The establishment of the “Blockchain Technology and Application Innovation Platform of China” in Nanjing reflects the country’s recognition of the metaverse’s potential. It showcases their dedication to research, development, and competition in the evolving digital landscape.
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