Nanjing City in China has introduced the China Blockchain Technology and Application Innovation Platform with the aim of establishing the China metaverse technology and application innovation platform.
The foundation for metaverse research and development
Led by Nanjing University of Information Science & Technology (NUIST), a newly established Chinese state-backed organization has announced the launch of a platform dedicated to metaverse research and development.
NEWS: Nanjing, the capital city of China's eastern Jiangsu province, has launched a metaverse platform to enhance research in related fields.
📰: https://t.co/iJVTndtwvR pic.twitter.com/VNNK2eAitp
— CoinGecko (@coingecko) May 24, 2023
Comprised of founding members from various academic institutions and blockchain-related companies in mainland China, the platform aims to promote the advancement of metaverse technology across the country.
Expressing optimism and enthusiasm, the district’s representative eagerly anticipates collaborating with various stakeholders to embrace the forthcoming “explosion” of the metaverse and achieve significant milestones, instilling confidence that the district is well-prepared for this technological wave.
The former vice minister of science and technology, Wu Zhong-ze, also comments on this development emphasizing the importance of introducing metaverse applications in fields like education, commerce, healthcare, and entertainment, while also advocating for the establishment of industry standards.
A changing stance on cryptocurrencies
As a prominent city in mainland China, this development solidifies that Nanjing has joined the race to become a key player in the country’s multi-dimensional development by unveiling its metaverse strategy earlier this year, generating annual revenue surpassing 135 billion yuan ($19.13 billion) by 2025.
This move by Nanjing follows in the footsteps of Shanghai, which has recently introduced a diverse range of 20 metaverse use cases. These innovative applications cover various sectors, including virtual healthcare diagnostics and digital recreations of Shanghai’s renowned architectural landmarks.
The introduction of metaverse strategies and initiatives by cities like Nanjing and Shanghai highlights China’s recognition of the potential of this emerging technology, running in a stark contrast to the Chinese mainland’s restrictive approach towards digital assets.
This anti-crypto stance has been in place for a long time, prior to crypto being banned in September 2021 and is believed to remain for the foreseeable future.
CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.
Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93
— CZ 🔶 BNB (@cz_binance) May 24, 2023
However, the combination of the metaverse platform announcement in Nanjing, and China’s Central Television station broadcasting crypto information might be a turning point.
