The China Metaverse Technology and Application Innovation Platform on May 22 was established in Nanjing, the capital of Jiangsu Province in eastern China, to foster metaverse development and research throughout the nation. 

The Nanjing University of Information Science and Technology (NUIST) is in charge of the recently created state-sponsored organisation. According to a post on NUIST’s official social media account, the community’s initial members come from a variety of learning institutions and metaverse-based businesses across mainland China. 

The platform aspires to combine the assets of Chinese businesses and educational institutions for advancing research projects in areas connected to the virtual world. 

A collective virtual area that includes all digital worlds, augmented reality, and virtual reality experiences is referred to as the metaverse. People can engage with computer-generated settings and one another in actual time within this networked digital space.

Nanjing and other Chinese cities are vying for a significant spot in the metaverse’s growth in their nation. The city unveiled its metaverse plan in February 2023, with the goal of developing a flourishing sector by the end of 2025 with annual sales exceeding 135 billion yuan ($19.13 billion).

Shanghai is vigorously following its metaverse objectives and projects, forecasting its metaverse sector would generate 350 billion yuan ($49.6 billion) in yearly income by 2025. 

China recognised the revolutionary potential of Web3 technologies, particularly the metaverse, in advancing its digital economy even while it continues to retain severe prohibitions on digital currencies and nonfungible tokens (NFTs).

Shanghai recently unveiled its inaugural collection of 20 metaverse scenarios, encompassing a range of topics including virtual recreations of the city’s historic architectural monuments and online medical assessments.

Wu Zhong-ze, an ex-deputy minister of the Ministry of science and technology, recently emphasised the significance of increasing the usage of the virtual world in a variety of fields, like education, business, healthcare, and cultural activities, in a story from local media. He also emphasised the significance of creating metaverse industry norms.

Read more:

Elon Musk advises not to invest in crypto and Doge

The post Chinese government launches gov’t-backed metaverse appeared first on CryptoShrypto.

---

Filed under: Bitcoin - @ May 24, 2023 4:15 pm