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Nanjing University of Information Science and Technology has created its virtual world on the blockchain to stimulate the research and development of metaverses across the country.
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A project called Blockchain Technology andApplication Innovation Platform of China was created with the support of the state. The goal of the project is to “deepen the integration of industry, science and research in the field of the digital economy and the metaverse.” Among the founders of the platform are various academic institutions and blockchain companies from all over the country.
Although the initiative of Nanxing University, oneof the most prestigious country, aimed at the presentation of digital China, it can also, the authors say, become an important boost to the economy of Jiangsu province.
The province aims to receive by 2025annual revenue of 135 billion yuan ($19.3 billion) from the metaverse industry, which could help Nanjing rise in the commercial attractiveness rankings.
In December 2022, the provincial administrationZhejiang announced that it intends to make the region one of the largest centers for the creation of metaverses in China. For this, the authorities were going to allocate a budget of $28.7 billion.
In July 2022, Shanghai unveiled a roadmapdevelopment of the metaverse by allocating $52 million to them. According to local media, the metaverse industry in China has already raised about $780 million, and this figure is expected to grow to $5.8 trillion by 2030.