In an audacious stride towards tech revolution, China is marshaling its academic and corporate might to galvanize research in the burgeoning realm of the metaverse. This strategic initiative seeks to amalgamate the vast resources of educational institutions and businesses nationwide, providing a formidable boost to related R&D efforts.
Igniting the Torch of Innovation in Nanjing
May 22 marked a momentous occasion in Nanjing, the administrative heart of China’s Jiangsu province. The city unveiled the China Metaverse Technology and Application Innovation Platform, a pioneering endeavor to catalyze metaverse research and nurture its nationwide expansion.
Guided by the Nanjing University of Information Science and Technology (NUIST), this avant-garde, state-sponsored body boasts an eclectic mix of founding members.
These members span a spectrum of esteemed academic institutions and businesses with ties to the metaverse, extending across mainland China.
Channeling Resources for Metaverse Research Excellence
The platform aspires to meld together the potentials of academic institutions and industries in China, invigorating the drive for ground-breaking research in metaverse-associated disciplines.
The metaverse—an innovative, expansive digital frontier—denotes an amalgamated virtual space that envelops all virtual realities, augmented reality experiences, and worlds.
It functions as a seamlessly integrated digital domain, allowing users to engage with each other and with computer-engineered environments in real time.
Urban Hubs Vie for Dominance in Metaverse Development
Nanjing and several other Chinese metropolises are vying for a frontline position in China’s metaverse development race. In 2023, Nanjing announced its metaverse strategy, aiming to foster a booming industry projected to exceed annual revenues of 135 billion yuan ($19.13 billion) by the end of 2025.
Similarly, Shanghai is vigorously chasing its metaverse dreams, anticipating its industry to generate annual revenue of 350 billion yuan ($49.6 billion) by 2025. The city recently showcased a series of 20 initial metaverse applications, encompassing diverse sectors such as virtual healthcare services and digital reproductions of the city’s revered architectural gems.
Embracing the Metaverse amidst Strict Cryptocurrency Regulations
Despite China’s stringent regulations on cryptocurrencies and nonfungible tokens (NFTs), the nation recognizes the transformative potential of Web3 technologies, including the metaverse, in propelling its digital economy.
Wu Zhong-ze, ex-Deputy Minister of the Ministry of Science and Technology, emphasized in a recent report the value of leveraging the metaverse across various sectors, including education, commerce, healthcare, and entertainment.
He also underscored the importance of setting industry standards for the metaverse, elucidating the critical need for an established framework in this evolving digital sphere.
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