On May 22, Nanjing, the capital of East China's Jiangsu Province, unveiled the China Metaverse Technology and Application Innovation Platform, which promotes research and development of Metaverse across the country.
The newly established national support entity is led by Nanjing University of Information Science and Technology (NUIST). According to an announcement on SUSTech's official social media account, the platform is made up of founding members representing different academic institutions and Meta verse-related companies in mainland China. The platform aims to bring together the resources of domestic academic institutions and enterprises to strengthen research work in related fields of Metaverse. Metaverse refers to the virtual universe or collective virtual space that contains all virtual worlds, augmented reality and virtual reality experiences. It is an interconnected digital realm where users can interact with each other and with computer-generated environments in real time.
Nanjing and other Chinese cities are racing to gain prominence in the development of China's Metaverse. In February 2023, the city unveiled its Metaverse strategy, which aims to create a stimulating industry with an annual revenue of more than 135 billion yuan ($ 19.13 billion) by the end of 2025. The city of Shanghai is aggressively pursuing the aspirations of its Metaverse, whose industry is expected to generate 350 billion yuan ($49.6 billion) in annual revenue by 2025. Shanghai recently showcased its initial collection of 2 0 Metaverse use cases, covering fields as diverse as virtual medical diagnosis and digital entertainment of the city's historic architectural landmarks. While China maintains strict regulations on cryptocurrencies and non-fungible tokens (NFTs), it acknowledges the transformative power of Web3 techno logies,Including the Metaverse, in driving its digital economy.
In a recent report by local media, former vice minister of science and technology Wu Zhongze emphasized the importance of expanding the use of virtual worlds in various fields, including education, business, healthcare and entertainment. He also emphasized the need to establish ind ustry standards for the Metaverse.
