China Introduces State-Backed Metaverse Platform

Nanjing, the central city of China’s Jiangsu province, has launched a new metaverse website that the government backs. In particular, the China Metaverse Technology and Application Innovation Platform will help the business grow nationwide.

NUIST, which stands for Nanjing University of Information and Science Technology, oversees the new school. Moreover, a formal statement noted the people who started the site. All of them were from different universities and companies that work with the metaverse all over the country. 

Metaverse Platform Launched by China

China started a government-backed metaverse platform, a big deal for the business and the country. It will also bring together the resources of different academic businesses and schools from all over the country after that in hopes of more growth in the field. 

The metaverse is a virtual place where many virtual worlds and events can be found. Also, it often gives people access to augmented reality and virtual reality. The digital area also allows users to talk to each other in a digital setting. 

In the past few years, China has tried to make significant steps forward in its growth in the metaverse. In particular, the city showed off a considerable metaverse plan in February 2023. They plan to start a business that could earn more than 130 billion yuan by the end of 2025.

Shanghai is also trying to grow its metaverse business, just like Nanjing. In the same way, the city wants to see growth in the industry for financial reasons. On the other hand, China has stringent rules about digital assets and NFTS. But it has also discussed how powerful Web3 is and how much the digital technology business can grow.