China’s Nanjing Inaugurates Metaverse Platform for Research, Development

A Chinese city launched a metaverse platform to bolster the metaverse research and development across the country, Cointelegraph reported.

The capital of China’s eastern Jiangsu province, Nanjing, opened the China Metaverse Technology and Application Innovation Platform to develop metaverse-related disciplines and promote wider and higher campus and school-enterprise development.

The metaverse-based project, which is also state-backed, is led by the Nanjing University of Information Science and Technology (NUIST). Its founding members represent academic institutions and metaverse-related firms from different parts of Mainland China.

It also aims to gather the resources of academic institutions and enterprises in China and boost research endeavors in metaverse-related domains.

It is worth noting that Chinese cities are competing to take the lead in the metaverse development industry in the country. In February, Nanjing announced its action plan for the metaverse development 2023-2025 with an aim to achieve annual revenues from the metaverse industry exceeding 135 billion yuan ($19.13 billion) by the end of 2025.

A report by South Korea’s Korean Intellectual Property Office revealed that China is number two globally in terms of metaverse-related patents, following the United States, China Daily Hong Kong reported.
As many as 14,291 metaverse-related patents were filed in China from 2011 to 2022, accounting for 30% of the global metaverse-related patents, compared to the US, which recorded 17,293 applications, accounting for 36% of the global patents.

Earlier, a new report found that the metaverse industry in China is flourishing as it is expected to hike by about 40% this year.

According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.