Metaverse Innovation Platform: Nanjing, China Launches to Accelerate Research & Development

May. 24, 2023
Metaverse Innovation Platform: Nanjing, China Launches to Accelerate Research & Development

The inauguration of the China Metaverse Technology and Application Innovation Platform on May 22. It is a notable move towards promoting metaverse research and development countrywide. The platform’s objective is to promote integration between the virtual and physical worlds, accelerating the growth of China’s metaverse industry.

According to the announcement, with much government support, Nanjing University of Information Science and Technology (NUIST) is leading an effort to join academic institutions and metaverse-related firms from mainland China. This is what the announcement states.

Uniting Resources for Metaverse Advancement

To foster collaboration, strengthen research initiatives, and advance the development of China’s metaverse. The goal is to merge the expertise and assets of various academic institutions and companies engaged in the metaverse on a single platform.

Therefore, “metaverse” refers to a digital world comprising augmented and virtual realities and other scientific advancements. Users have real-time interaction options with other users and computer-generated settings thanks to a linked digital world.

Nanjing and other major Chinese cities are vying for a leading position in the country’s metaverse development. In line with this vision, the city unveiled its metaverse strategy in February 2023, with a goal to establish a thriving industry generating annual revenues exceeding 135 billion yuan ($19.13 billion) by 2025.

Similarly, Shanghai is pursuing its metaverse aspirations, projecting that its metaverse industry will achieve an annual revenue of 350 billion yuan ($49.6 billion) by 2025.

The city has already presented a collection of 20 metaverse use cases. These encompass many areas, including virtual healthcare diagnoses and digital recreations of historic architectural landmarks.

Despite China’s strict regulations on cryptocurrencies and nonfungible tokens (NFTs), the country recognizes the transformative potential of Web3 technologies. This includes the metaverse, which is seen as a driving force in propelling its digital economy forward.

In a recent report by local media, Wu Zhong-ze, the former Deputy Minister of the Ministry of Science and Technology, emphasized the significance of expanding the application of the metaverse across various sectors such as education, commerce, healthcare, and entertainment.

Furthermore, he stressed the importance of establishing industry standards to ensure the metaverse’s sustained growth and development. Establishing the China Metaverse Technology and Application Innovation Platform marks a crucial milestone in China’s pursuit of metaverse excellence.

Therefore, with a unified effort from academic institutions and metaverse-related companies. Moreover, the platform will drive research, development, and standardization initiatives in the metaverse domain.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.