In Nanjing City, China just announced the “China Metaverse Technology and Application Innovation Platform”.
According to CoinTelegraph , the platform was created to strengthen the resources of academic institutions and enterprises in China, and to promote research efforts in fields related to the metaverse .
government- The Chinese backed organization will be led by Nanjing University of Information Science and Technology (NUIST). According to an announcement on NUIST’s official social media account, the platform consists of founding members representing academic institutions and metaverse-related companies across China.
Metaverse is a concept that refers to a universe that brings together many different virtual worlds, which give users the experience of augmented reality and virtual reality. It is where users can interact with each other in a digital environment
Nanjing and other cities are vying to lead the wave of metaverse development in China. In February 2023, Nanjing revealed its metaverse development strategy, with the goal of creating a thriving industry that can reach sales of over 135 billion yuan by the end of 2025.
The city of Shanghai is actively developing a metaverse plan, predicting Shanghai’s metaverse industry will reach an annual revenue of 350 billion yuan by 2025. Shanghai has launched 20 different applications of the metaverse , which covers areas such as digital healthcare diagnostics or digital reconstructions of the city’s historic architectural landmarks.
China has always maintained strict regulations on cryptocurrencies and NFTs . However, China still focuses on developing Web3 and metaverse to promote the digital economy.
Wu Zhong-ze, former Vice Minister of Science and Technology of China, emphasized the importance of spreading the metaverse to many industries, including education, commerce, health and entertainment. He also emphasized the need to set industry standards for the metaverse