Chinese City Nanjing Releases Government-backed Metaverse Platform
The capital city of Jiangsu province revealed unveiling a metaverse-based innovation platform to enhance research efforts. The platform aims to bolster access to consolidated resources applicable in academic institutions oriented to the metaverse.
Platform Unveiled to Further Metaverse Adoption and Development
The platform launched in Nanjing marked the unveiling of the China Metaverse Technology and Application Innovation Platform (CMTAIP) to enhance and further the metaverse research, development, and adoption across the Asian nation.
The newly unveiled entity is entitled to full state-backed resources under the Nanjing University of Information Science and Technology (NUIST) stewardship. News of its unveiling surfaced in the institution’s official social media profile lauding the efforts of founding members.
The platform targets expediting the establishment of metaverse-related entities in mainland China. The assembly of resources for use by academic institutions and enterprises aims to enforce research endeavors across metaverse-related fields.
The Monday pronouncement reiterated that the metaverse involves a collective virtual space harboring all virtual worlds while blending augmented and virtual reality experiences. The announcement revealed that Metaverse involves an interconnected digital realm allowing users to interact with colleagues and computer-generated content.
Billion Dollar Potential in Metaverse Projects
The announcement affirms the commitment portrayed by the Chinese cities to lodge concerted efforts toward facilitating metaverse development. In February 2023, Nanjing unveiled the metaverse strategy as a resourceful channel to develop a thriving industry. The city’s report projected the annual revenues from metaverse-affiliated projects to exceed $19.13 billion by the conclusion of 2025.
An optimistic outlook offered by Nanjing is evident in Shanghai’s report to actively pursue the metaverse aspirations. In particular, Shanghai projected that the metaverse industry will yield $49.6 billion annually by 2025.
Shanghai echoed Nanjing’s optimum in metaverse revolutionary potential. The city’s report revealed 20 metaverse usage spread across various areas. Shanghai admitted metaverse integration in facilitating virtual healthcare diagnoses.
Besides, the metaverse is experiencing increased adoption for digital recreation. Such efforts are linked to the city’s rich historic architectural landmarks.
Metaverse Potential is Irresistible for China
While China has in the past adopted prohibitive regulations against cryptos, recent initiatives portray its acknowledging the potential of Web3 and metaverse to optimize its digital economy.
A consensus is emerging that prohibiting cryptocurrencies could disassociate the country from leveraging the immense potential in the digital assets industry. Its accomplishment mandates initiating coordinated efforts similar to the Nanjing approach to nurturing the metaverse.
A recent publication in local Chinese media cited the sentiments aired by the former deputy of the Science and technology ministry, Wu Zhong-ze, that integrating the metaverse is inevitable for a research-oriented nation.
The publication emphasized the essence of expanding metaverse usage in education and commerce. And healthcare besides entertainment. Realizing metaverse potential obligates stakeholders to collaborate in establishing the standards acting as guardrails against exploitation.
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