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China Embraces The Metaverse With New Government-Backed Platform

The country recognises the transformative potential of Web3 as it aims to prioritise and bring to life its metaverse ambitions

Image source: Nanjing University of Information Science and Technology

China’s Metaverse Technology and Application Innovation Platform has launched in Nanjing, the capital city of Jiangsu province in eastern China, to promote metaverse research and development nationwide. The Nanjing University of Information Science and Technology (NUIST) is leading this newly established state-supported organisation.

According to an announcement made on NUIST’s official social media account, the platform includes founding members from various academic institutions and companies involved in the metaverse sector across mainland China. With the aim of enhancing research efforts in metaverse-related fields, the platform is focused on uniting the resources of academic institutions and enterprises in China.

China’s metaverse ambitions

As reported by Cointelegraph, cities in China are engaged in a competitive race to establish themselves as leading players in the country’s metaverse advancement. In February 2023, Nanjing unveiled its metaverse strategy to cultivate a flourishing industry that generates annual revenues exceeding 135 billion yuan ($19.13bn) by the end of 2025.

Shanghai is also another Chinese city that’s actively pursuing its ambitions in the metaverse realm, envisioning its metaverse industry to achieve an annual revenue of 350 billion yuan ($49.6bn) by 2025.

The city recently showcased a set of 20 initial metaverse use cases, spanning various domains including virtual healthcare diagnoses and digital recreations of historically significant architectural landmarks within the city.

Although the country enforces stringent regulations on cryptocurrencies and NFTs, it recognises the transformative potential of Web3 technologies, including the metaverse, in propelling its digital economy forward.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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