Nanjing City, the capital of China’s Jiangsu Province, launched “platform of innovative technologies and blockchain applications”, aimed at promoting and developing the metaverses.
The state organization is headed by Nanjing University of Information Science and Technology. The initiative was promoted by representatives of academic institutions and blockchain-related companies from all over mainland China.
The project aims to bring together the resources of the founding members to explore the functionality of digital worlds.
Nanjing is among several Chinese cities vying for a leading role in the development of the national metaverse. Previously, the municipal authorities announced strategy development of the virtual space, according to which the jurisdiction plans to reach 135 billion yuan ($19.13 billion) by 2025.
Former Vice Minister of Science and Technology of China Wu Zhongjie emphasized the importance of expanding the metaverse in a variety of ways, including education, commerce, healthcare, and entertainment. He also noted the need to create specific standards for the industry.
Despite China’s tough stance on cryptocurrencies and NFTs, the country recognizes the potential of Web3 technologies as a catalyst for its digital economy.
However, in January 2022, it was reported that the National Intellectual Property Administration of the PRC had rejected several metaverse-related trademark applications.
In the same month, the media reported on the plans of the Chinese government-backed blockchain platform Blockchain Services Network to deploy infrastructure for non-cryptocurrency NFT circulation.
Recall that in January 2023, China launched a trading platform for non-fungible tokens. The site is operated by two state-owned enterprises, China Technology Exchange and Art Exhibitions China, as well as a private company, Huban Digital.
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Nanjing City, the capital of China’s Jiangsu Province, launched “platform of innovative technologies and blockchain applications”, aimed at promoting and developing the metaverses.
The state organization is headed by Nanjing University of Information Science and Technology. The initiative was promoted by representatives of academic institutions and blockchain-related companies from all over mainland China.
The project aims to bring together the resources of the founding members to explore the functionality of digital worlds.
Nanjing is among several Chinese cities vying for a leading role in the development of the national metaverse. Previously, the municipal authorities announced strategy development of the virtual space, according to which the jurisdiction plans to reach 135 billion yuan ($19.13 billion) by 2025.
Former Vice Minister of Science and Technology of China Wu Zhongjie emphasized the importance of expanding the metaverse in a variety of ways, including education, commerce, healthcare, and entertainment. He also noted the need to create specific standards for the industry.
Despite China’s tough stance on cryptocurrencies and NFTs, the country recognizes the potential of Web3 technologies as a catalyst for its digital economy.
However, in January 2022, it was reported that the National Intellectual Property Administration of the PRC had rejected several metaverse-related trademark applications.
In the same month, the media reported on the plans of the Chinese government-backed blockchain platform Blockchain Services Network to deploy infrastructure for non-cryptocurrency NFT circulation.
Recall that in January 2023, China launched a trading platform for non-fungible tokens. The site is operated by two state-owned enterprises, China Technology Exchange and Art Exhibitions China, as well as a private company, Huban Digital.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!