Briefly:

• The city of Nanjing launched the “China Blockchain Technology and Application Innovation Platform” project.
• Government-funded projects will focus on advancing Metaverse research in the country.
• Nanjing joins the list of Chinese cities that have announced large-scale plans for the Metaverse.

The Chinese city of Nanjing has joined the nation’s largest city in the race to the Metaverse. The provincial capital of Jiangsu province launched a state-backed organization called “China Blockchain Technology and Application Innovation Platform” to promote Metaverse research across the country.

This organization integrates all resources and information from academic institutions and companies to accelerate research and development in the metaverse industry.

according to social media director On Monday, Nanjing University of Information Science and Technology (NUIST) will lead Metaverse-related research in the new organization.

Nanjing, along with other cities such as Shanghai and Beijing, has joined a state-led campaign to research and promote the introduction of the Metaverse in the country. Recently, the state-backed Henan Culture and Tourism Investment Group set up his 150 million yuan (US$21.7 million) private fund to invest in the Metaverse project.

But while governments continue to make big leaps into the Metaverse, the private sector seems to be slowly retreating.

Chinese entertainment giant Tencent dissolved its XR division in February, laying off 100 staff after just four months of launching. The company cited lower profits as the reason for the decision.

Last week, news broke that Ma Jie, Baidu’s head of Metaverse operations, had resigned from his post. The tech giant seems to have switched its focus to generative AI amidst the ChatGPT frenzy, according to reports.

China is known for its strict technology policies and stubborn stance on handling digital assets such as cryptocurrencies. The country has completely banned the trading of NFTs and related tokens that refer to gambling and speculation.

However, with NFTs and ecosystem tokens playing an important role in the Metaverse economy, this ban has significantly delayed the adoption of the Metaverse in the country’s private sector, leaving the task up to the government.

While in other parts of the world the private sector is driving the adoption of the Metaverse, in China the government appears to be spearheading the campaign.

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