In an unprecedented move, Nanjingthe capital of the province of jiangsu in eastern China, launched the Innovation Platform in Technology and China Metaverse Application May 22. This state-supported platform is an initiative to spur national research and development in the Metaverse, a collective digital reality that interweaves virtual worlds, augmented reality, and virtual reality experiences.
Unite academic and corporate skills for the development of the Metaverse
Led by Nanjing University of Information Science and Technology (NUIST), the initiative brings together a strong combination of academic institutions and companies dedicated to metaverse-related research across mainland China. The main objective is to exploit the collective resources of the academy and industry for strengthen research related to the metaversefostering an interactive, real-time digital reality where users interact with each other and with computer-generated environments.
China’s cities battle for dominance in the Metaverse
The launch is part of the ambitious strategy of metaverse from Nanjingfirst revealed in February 2023. The city aims to build a robust metaverse industry that is expected to surpass annual revenues of 135 billion yuan ($19.13 billion) by the end of 2025. However, Nanjing does not is not alone in this pursuit. Shanghaianother major city, also predicted that its metaverse industry will reach an impressive annual revenue of 350 billion yuan ($49.6 billion) by 2025. This city recently showcased a series of 20 use cases of the metaverse, spanning various industries, from virtual health diagnostics to digital representations of historic architectural landmarks.
The Metaverse and China’s Regulatory Landscape
Despite the China’s strict regulations on crypto currencies and non-fungible tokens (NFT), it recognizes the disruptive potential of technologies web3, including the metaverse. Wu Zhong-ze, the former vice minister of the Ministry of Science and Technology, recently highlighted the crucial role the metaverse can play in various sectors, including education, commerce, healthcare, and technology. entertainment. He also highlighted the need to develop industry standards for the metaverse to ensure its sustainable growth.
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