China to Launch Its Own Metaverse Platform

China to Launch Its Own Metaverse Platform

Nanjing, the capital of China’s Jiangsu province, has recently initiated the China Metaverse Technology and Application Innovation Platform as part of its efforts to lead the nation’s digital progress. The initiative, officially announced on May 22, is designed to enhance research and development in the field of the metaverse nationwide.

The pioneering platform, governed by the Nanjing University of Information Science and Technology (NUIST), comprises founding members from a wide spectrum of academic institutions and metaverse-focused enterprises across mainland China. This collaborative approach aims to centralize China’s intellectual and business resources, thereby bolstering research and innovation within the realm of the metaverse.

The inauguration of this platform is a strategic move by Nanjing and other competing cities to secure a significant role in China’s metaverse evolution. Earlier in 2023, Nanjing revealed an ambitious strategy that aims to cultivate a booming metaverse industry with annual revenues surpassing 135 billion yuan ($19.13 billion) by 2025.

Other cities, such as Shanghai, are also actively nurturing their own metaverse ambitions. Shanghai projects its metaverse industry to attain annual revenue of 350 billion yuan ($49.6 billion) by 2025. As part of this initiative, Shanghai recently showcased its initial array of 20 metaverse use cases, ranging from virtual healthcare diagnostics to digital replicas of the city’s iconic architectural landmarks.

Despite maintaining rigid regulations on digital assets like cryptocurrencies and nonfungible tokens (NFTs), China acknowledges the disruptive potential of Web3 technologies, including the metaverse. This recognition aligns with the nation’s strategic drive to propel its digital economy forward.