Key Points:

  • Nanjing launched the “China Blockchain Technology and Application Innovation Platform” backed by the Chinese government on Monday.

  • The platform aims to strengthen the resources of academic institutions and enterprises in China, and promote research efforts in fields related to the metaverse.

  • Despite China’s tough stance on cryptocurrencies and NFTs, the country recognizes the potential of Web3 technologies.

Nanjing City launched the China Blockchain Technology and Application Innovation Platform to build the China Metaverse technology and application innovation platform.

This newly established Chinese state-backed organization is led by Nanjing University of Information Science & Technology (NUIST). According to the announcement on the official NUIST social media account, the platform is comprised of founding members representing diverse academic institutions and blockchain-related companies across mainland China. This government-backed platform aims to promote and promote metaverse research and development across the country.

According to a media report on Tuesday, Wu Zhong-ze, former Vice Minister of Science and Technology, emphasized the need for Chinese state agencies to introduce a series of metaverse applications in fields such as education, commerce, healthcare, and entertainment. He also urged the setting of metaverse industry standards.

Nanjing is one of many Chinese cities vying for a leading role in the nation’s multi-dimensional development. The city announced its metaverse strategy in February 2023, setting the ambitious goal of establishing this industry generating annual revenue in excess of 135 billion yuan ($19.13 billion) by the end of the 2025.

Shanghai recently introduced an initial collection of 20 metaverse use cases, covering areas as diverse as virtual healthcare diagnostics and digital reconstructions of the city’s historic architectural landmarks.

Despite China’s tough stance on cryptocurrencies and NFTs, the country recognizes the potential of Web3 technologies, including the metaverse, as a catalyst for its digital economy. In November 2022, the China State Information Center, a government-affiliated think tank, published a commentary advocating for policymakers to leverage the metaverse’s ability to promote industry in the real world.

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