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Nanjing Launches Metaverse Innovation Platform to Boost Research and Development in China
Nanjing, the capital city of China's Jiangsu province, has launched the China Metaverse Technology and Application Innovation Platform with the aim of advancing metaverse research and development across the country. Led by Nanjing University of Information Science and Technology (NUIST), the state-backed entity comprises founding members from various academic institutions and metaverse-related companies in mainland China.
The platform's primary objective is to consolidate the resources of academic institutions and enterprises in China to bolster research efforts in metaverse-related fields. The metaverse refers to a virtual universe that encompasses virtual worlds, augmented reality, and virtual reality experiences. It is a digital realm where users can interact with each other and computer-generated environments in real-time.
Nanjing, among other cities in China, is competing to establish a significant presence in the country's metaverse development. In February 2023, Nanjing unveiled its metaverse strategy, aiming to build a thriving industry with annual revenues exceeding 135 billion yuan ($19.13 billion) by the end of 2025. Shanghai, another city actively pursuing metaverse initiatives, predicts its metaverse industry will generate annual revenue of 350 billion yuan ($49.6 billion) by 2025. Shanghai has already presented a collection of 20 metaverse use cases, including virtual healthcare diagnoses and digital recreations of the city's historical landmarks.
While China maintains strict regulations on cryptocurrencies and non-fungible tokens (NFTs), it recognizes the transformative potential of Web3 technologies, including the metaverse, in driving its digital economy. Wu Zhong-ze, the former Deputy Minister of the Ministry of Science and Technology, emphasized the importance of expanding the use of the metaverse in sectors such as education, commerce, healthcare, and entertainment. He also stressed the need for industry standards to be established for the metaverse.
The establishment of the China Metaverse Technology and Application Innovation Platform reflects China's commitment to harnessing the potential of the metaverse. By bringing together academic and corporate resources, the platform aims to accelerate research and development efforts in the metaverse domain, contributing to China's position as a leading force in the metaverse industry.