In short: Nanjing has launched a state-backed metaverse platform, called the China Metaverse Technology and Application Innovation Platform, which aims to consolidate the resources of academic institutions and companies in China for research in metaverse-related fields. The platform will be managed by the Nanjing University of Information Science and Technology (NUIST) in partnership with academic institutions and companies throughout mainland China. This development comes as Chinese cities are competing to become metaverse development hubs, and follows Nanjing unveiling its metaverse strategy in February.
Our quick analysis:
China has taken another step towards solidifying its position in the metaverse game with the recent launch of the China Metaverse Technology and Application Innovation Platform in the capital city of Jiangsu province, Nanjing. The platform is aimed at consolidating academic and enterprise resources to bolster research activities in the rapidly evolving metaverse field.
Nanjing's unveiling of the metaverse platform comes hot on the heels of its announcement in February of its plan to build a thriving metaverse industry, generating over $19.13 billion in revenue annually by 2025. Nanjing University of Information Science and Technology (NUIST) will lead the new platform alongside various academic institutions and metaverse-related companies throughout mainland China.
Shanghai, too, is pursuing its metaverse ambitions, striving to make it a 350 billion Yuan annual revenue industry. The city has already presented its first collection of 20 use cases for the metaverse, including digital recreations of historic architectural landmarks and virtual healthcare diagnoses.
It is interesting to note, however, that while China maintains strict regulations on cryptocurrencies and non-fungible tokens (NFTs), the country still recognizes the transformative potential of Web3 technologies, such as the metaverse.
With the establishment of this state-backed metaverse platform, Nanjing has positioned itself as China's newest hub for metaverse development, ushering in a new era of innovation and advancement in the rapidly growing metaverse industry.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
China has taken another step towards solidifying its position in the metaverse game with the recent launch of the China Metaverse Technology and Application Innovation Platform in the capital city of Jiangsu province, Nanjing. The platform is aimed at consolidating academic and enterprise resources to bolster research activities in the rapidly evolving metaverse field.
Nanjing's unveiling of the metaverse platform comes hot on the heels of its announcement in February of its plan to build a thriving metaverse industry, generating over $19.13 billion in revenue annually by 2025. Nanjing University of Information Science and Technology (NUIST) will lead the new platform alongside various academic institutions and metaverse-related companies throughout mainland China.
Shanghai, too, is pursuing its metaverse ambitions, striving to make it a 350 billion Yuan annual revenue industry. The city has already presented its first collection of 20 use cases for the metaverse, including digital recreations of historic architectural landmarks and virtual healthcare diagnoses.
It is interesting to note, however, that while China maintains strict regulations on cryptocurrencies and non-fungible tokens (NFTs), the country still recognizes the transformative potential of Web3 technologies, such as the metaverse.
With the establishment of this state-backed metaverse platform, Nanjing has positioned itself as China's newest hub for metaverse development, ushering in a new era of innovation and advancement in the rapidly growing metaverse industry.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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