China: Government Backed Metaverse Project

Government-Backed Metaverse Project Launched by a Chinese City

Looking at the growing popularity of the metaverse, a Chinese city named Nanjing which is the capital of the eastern Jiangsu province of China has launched a metaverse project which is fully backed by the government to encourage advancements in the area of the metaverse and also for research purposes.

Metaverse- A Good Business Opportunity

NUIST (Nanjing University of Information Science and Technology) will lead the new project. As per the university, they are looking for resourceful people from mainland China who have some expertise in this field. These resourceful people may be academicians from various universities or working professionals from metaverse companies.

The collaboration of academicians and professionals will strengthen the development of the metaverse in China. This will also bring in decent business. Several cities in China including Nanjing are trying hard to secure a good position in this area.  In 2023, Nanjing revealed its plans of setting up a metaverse business worth $19.3 billion by the end of 2025.

Other Cities Serious About Metaverse

Other Chinese cities taking the metaverse seriously include Shanghai. Shanghai has demonstrated the use cases of the metaverse in important aspects of life like healthcare, virtual diagnostics and digital recreations. Shanghai is very positive about the business potential that the metaverse can bring. The city has predicted that annual revenue of $49.6 billion through the metaverse is possible by the end of 2025.

Although, China is very strict in terms of cryptocurrencies and NFTs thanks to the strict regulations. The country is not blindfolded when it comes to the power of other Web 3 areas like the metaverse. China understands its potential and how it can be used to bring a revolution in its digital economy.