China launches a state platform to develop the metaverse

Nanjing, the capital of Jiangsu province, launched a platform for innovative blockchain technologies and applications, aimed at promoting and developing metaverses.

The state organisation is led by Nanjing University of Information Science and Technology. The initiative was promoted by representatives of academic institutions and blockchain-related companies from across mainland China.

The project is designed to pool the resources of founding participants to study the functionality of digital worlds.

Nanjing is among several Chinese cities competing for a leading role in developing the national metaverse. Earlier, municipal authorities unveiled a strategy for developing virtual space, under which the jurisdiction aims to reach revenues of 135 billion yuan ($19.13 billion) by 2025.

Former Vice Minister of Science and Technology Wu Zhong-zje emphasised the importance of expanding the metaverse in education, commerce, healthcare and entertainment. He also noted the need to establish concrete standards for the industry.

Despite China’s hardline stance on cryptocurrencies and NFTs, the country recognises the potential of Web3 technologies as a catalyst for its digital economy.

However, in January 2022 the National Intellectual Property Administration of China rejected several trademark applications related to metaverses.

In the same month, state media reported that the government-backed blockchain platform Blockchain Services Network to roll out an NFT-trading infrastructure not linked to cryptocurrencies.

In January 2023, China launched a trading platform for non-fungible tokens. The platform is run by two state-owned enterprises — China Technology Exchange and Art Exhibitions China, as well as the private company Huban Digital.