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Nanjing, the capital city of China’s Jiangsu province, marked a significant milestone recently with the launch of the China Metaverse Technology and Application Innovation Platform. This groundbreaking initiative aims to drive metaverse research and development throughout the country, contributing to the advancement of Web3 technology.

Nanjing’s State-Backed Metaverse Program

The state-backed metaverse project, the China Metaverse Technology, and Application Innovation Platform, is spearheaded by the Nanjing University of Information Science and Technology (NUIST). According to the official social media account of NUIST, the innovative platform consists of a coalition of respected founding members from various academic institutions and metaverse-related firms across mainland China.

These diverse stakeholders’ collective expertise and collaboration are poised to drive significant advancements in metaverse technology and its application. Furthermore, the China Metaverse Technology and Application Innovation Platform is a pivotal hub that unites the rich resources of academic institutions and enterprises in China to bolster research efforts in metaverse-related domains.

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The metaverse, a collaborative space encompassing augmented reality and virtual reality experiences, represents a dynamic digital universe. Within this interconnected realm, users can engage in real-time interactions with one another and immerse themselves in computer-generated environments.

It is worth noting that Nanjing is competing with other major Chinese cities to take the top spot in China’s metaverse plan. To demonstrate its readiness for the digital economy, Nanjing unveiled its metaverse strategy in February 2023.

With ambitious goals in mind, Nanjing aims to cultivate a robust metaverse industry projected to generate annual incomes surpassing 135 billion yuan ($19.13 billion) by 2025.

Shanghai’s Metaverse Goal

Similarly, Shanghai is diligently pursuing its metaverse ambitions, envisioning substantial growth in its metaverse industry with a projected annual revenue of 350 billion yuan ($49.6 billion) by 2025. Hence, the city also unveiled an impressive range of 20 initial metaverse use cases.

These use cases cut across various sectors, such as virtual healthcare diagnoses and meticulously crafted digital replicas of Shanghai’s iconic historic architectural landmarks. By showcasing such diverse and innovative applications, Shanghai aims to establish itself as a prominent player in the metaverse landscape while capitalizing on the immense potential of this emerging technology.

Despite China’s stringent regulations surrounding cryptocurrencies and non-fungible tokens (NFTs), the country recognizes the transformative potential of Web3 technologies, including the metaverse, in fueling its digital economy. By embracing the metaverse and other Web3 advancements, China aims to leverage these transformative tools to drive economic growth and technological innovation within its digital landscape.

A recent report by local media sheds light on the insights shared by Wu Zhong-ze, China’s former Deputy Minister of the Ministry of Science and Technology. Wu underscored the significance of widespread metaverse adoption across multiple sectors, such as education, healthcare, commerce, and entertainment.

Recognizing the immense potential of the metaverse, he emphasized the urgent need to establish industry standards that would guide and govern this transformative technology.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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