China’s eastern Jiangsu province capital, Nanjing, has launched the China Metaverse Technology and Application Innovation Platform with the aim of advancing the development and research of the metaverse across the country. The state-backed entity is led by Nanjing University of Information Science and Technology, and boasts founding members from academic institutions and blockchain-related firms across China. The metaverse is essentially a virtual universe or collective virtual space that merges all virtual worlds, augmented reality and virtual reality into one digital realm. Nanjing and other Chinese cities are competing for a pole position in the exploration and development of the metaverse. The city has revealed its metaverse strategy, aspiring to create an industry that generates annual revenues of over CNY135bn ($19.13bn) by 2025. Shanghai predicts that its nascent metaverse industry will generate CNY350bn ($49.6bn) by the same year and recently unveiled 20 initial metaverse case studies, including digitally recreated historic landmarks and virtual healthcare diagnoses. Former Deputy Minister of the Ministry of Science and Technology, Wu Zhong-ze, believes that the use of the metaverse across various industries, including commerce, education and entertainment, needs to be expanded, as do industry standards for the metaverse. Although China has strict regulations concerning virtual assets like cryptocurrencies and NFTs, it recognises the transformative potential of metaverse and Web3 technologies in advancing its digital economy.
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