Jiangsu Inaugurates State-backed Metaverse Platform

Crypto News

By Philip Maina

12 hours agoThu May 25 2023 09:45:04

Reading Time: 2 minutes

  • The Chinese city of Jiangsu has unveiled a metaverse platform that’ll serve the whole of China
  • Dubbed the China Metaverse Technology and Application Innovation Platform, it will be managed by the city’s Nanjing University of Information Science and Technology
  • The platform comes days after the country unveiled a blockchain center

The Chinese city of Jiangsu has unveiled a state-backed metaverse platform known as the China Metaverse Technology and Application Innovation Platform. The platform is under the hands of the city’s Nanjing University of Information Science and Technology and other participants drawn from various Chinese learning institutions and companies focusing on metaverse technology. The platform comes two weeks after China announced a national blockchain center.

Crypto News Intersection Between Learning and Business

Apart from powering a virtual world, the platform will help enhance research around the technology while also bringing together metaverse-focused entities in the academic and business worlds.

Nanjing is among the cities positioning themselves to control the country’s metaverse ambitions. Earlier this year, the city disclosed it has the capacity to build a metaverse-based economy capable of generating over $19 billion in annual revenues in two years.

Shanghai, another Chinese city, also revealed that its metaverse plans can bring in over $49 billion within the same timeframe. The city believes the technology can be used in health, preserving the country’s landmarks among other 18 applications.

Crypto News Metaverse Development Should be Standardized

The country’s ex-science and technology minister Wu Zhong-ze thinks that the metaverse can find a place in entertainment and commerce among other areas, adding that its development should be guided by clear standards. 

China’s Hainan province has already indicated plans to police the province’s NFT market to weed out unethical behaviors and participants. Despite China banning cryptocurrencies, it has indicated a strong affinity to blockchain, Web 3.0 and NFTs and has even announced a state-regulated NFT marketplace.

With China’s continued exploration of blockchain technology, it is yet to be seen whether this will soften the country’s stand on cryptocurrency activities.

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