Nanjing, the capital city of China's Jiangsu province, has taken a significant step in advancing metaverse research and development within the country. On May 22, the China Metaverse Technology and Application Innovation Platform was inaugurated with the support of the Nanjing University of Information Science and Technology (NUIST).
The newly established platform, backed by the state, brings together leading academic institutions and blockchain-related companies from across mainland China. Its primary objective is to foster collaboration and leverage the collective resources of these entities to drive research in various metaverse-related fields.
The metaverse, an interconnected digital realm encompassing virtual worlds, augmented reality, and virtual reality experiences, serves as a collective virtual space where users can interact with each other and computer-generated environments in real time.
Nanjing, along with other cities in China, is actively competing to establish a prominent position in the country's metaverse development. In February 2023, the city unveiled its metaverse strategy, aiming to cultivate a thriving industry with projected annual revenues exceeding 135 billion yuan ($19.13 billion) by the end of 2025.
Similarly, Shanghai is making significant strides in pursuing its metaverse aspirations. The city forecasts that its metaverse industry will generate annual revenue of 350 billion yuan ($49.6 billion) by 2025. Recently, Shanghai presented an initial collection of 20 metaverse use cases, including virtual healthcare diagnoses and digital recreations of the city's historical architectural landmarks.
Despite its strict regulations on cryptocurrencies and non-fungible tokens (NFTs), China acknowledges the transformative potential of Web3 technologies, including the metaverse, in driving its digital economy forward.
Wu Zhong-ze, the former Deputy Minister of the Ministry of Science and Technology, emphasized the importance of expanding metaverse applications across various sectors such as education, commerce, healthcare, and entertainment. He also highlighted the need to establish industry standards for the metaverse, recognizing its significance in shaping the future of these industries.