coingeek.com
Nanjing, the capital of China’s Jiangsu province, has announced the launch of the China Metaverse Technology and Application Innovation platform designed to push the frontiers of virtual worlds and blockchain.
The metaverse platform will be operated by the Nanjing University of Information Science and Technology (NUIST) with research at its core, according to official reports. As such, the steering committee of the platform consists of academics from universities across China, while metaverse-related firms contribute a healthy quota.
Details from NUIST’s official social media accounts disclose that the new platform aligns with China’s objectives to leverage innovative technologies to improve the digitization of its economy. Nanjing is no stranger to metaverse innovation, prompting city officials to express confidence in embracing the “technological wave.”
In February, Nanjing unveiled its metaverse strategy revolving around creating annual revenues exceeding $19 billion before the end of 2025. Before that, the NUIST renamed its engineering department after the metaverse in a strong show of belief.
Hailing the launch of the new platform, former Vice Minister of Science and Technology Wu Zhong-ze said that the metaverse will improve operations in several industries, including education, finance, healthcare, and entertainment. Zhong-ze added that Nanjing’s metaverse platform would be central to contributing to standards and guidelines for the safe usage of the metaverse in China.
Chinese cities have been vying for the top spot in terms of metaverse development, with Shanghai and Beijing currently leading the pack. Shanghai bared its metaverse development plan by presenting nearly two dozen use cases for virtual worlds in the hopes of creating over $49 billion in revenue before 2026.
Beijing’s two-year metaverse plan will see it deploy the technology in its tourism sector in collaboration with other innovations in artificial intelligence (AI), the Internet of Things (IoT), and 5G. In Henan, a state-owned investment group launched a $22 million investment fund for entities building projects in the metaverse.
Several chinks in the armor
Despite a growing national interest in metaverse technologies, private Chinese firms dabbling in virtual worlds face several difficulties. Big Tech firm Tencent announced the dissolution of its entire metaverse unit in what it described as a “personnel reshuffle.”
Since the blanket ban on digital currency in China, the pace of private sector development in the metaverse waned, with several founders exiting the country for friendlier jurisdictions. In virtual worlds, digital assets typically serve as currencies, but it appears that the country’s CBDC may serve as an alternative.