Key Point

• Chinese states seem to be competing for a major player in the metaverse.

Even though it appears like the Chinese government always frowned towards crypto and NFTs, the government has not underestimated the benefits the metaverse and Web 3 technologies can offer regarding readiness for the digital economy. 

In order to promote metaverse-based research in China, a Chinese city called Nanjing on Monday launched a state-backed metaverse platform.

The project, named the “Blockchain Technology and Application Innovation Platform of China”, was initiated by the Nanjing University of Information Science & Technology (NUIST) and was co-founded with other Chinese universities, namely Beijing University of Aeronautics and Astronautics, Chinese Academy of Forestry, and Shantou University amongst others.

According to the release, the purpose of the platform is to strengthen the integration of the digital economy and metaverse and also to enhance organizational empowerment.

The platform will focus on the metaverse production environment, social ecology, cultural system, social system, legal ethics, coordinated research and development, business model and venture capital and identity system, amongst others.

Being a leader in the Metaverse seems to be a competing game among Chinese cities, earlier this year, Nanjing City unveiled the metaverse that’ll create an annual revenue of about $19 billion by 2024; also, Shanghai City is looking to generate $49 billion in revenue through metaverse by 2025 as well.

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