Read

ZKsync

<p class="is-style-lead">Nanjing City in China has introduced the China Blockchain Technology and Application Innovation Platform with the aim of establishing the China metaverse technology and application innovation platform.</p>



<h2 class="wp-block-heading" id="the-foundation-for-metaverse-research-and-development">The foundation for metaverse research and development</h2>



<p>Led by Nanjing University of Information Science &amp; Technology (NUIST), a newly established Chinese state-backed organization has <a href="https://mp.weixin.qq.com/s/9RERVM48GJuz8V13HhzaKQ" target="_blank" rel="noreferrer noopener">announced</a> the launch of a platform dedicated to metaverse research and development.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
https://twitter.com/coingecko/status/1661358696725880833
</div></figure>



<p>Comprised of founding members from various academic institutions and blockchain-related companies in mainland China, the platform aims to promote the advancement of metaverse technology across the country.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="A Metaverse Divided Over Design and Rules | U.S. vs. China | WSJ" width="1020" height="574" src="https://www.youtube.com/embed/-LcfMAo3QoM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Expressing optimism and enthusiasm, the district&#8217;s representative eagerly anticipates collaborating with various stakeholders to embrace the forthcoming &#8220;explosion&#8221; of the metaverse and achieve significant milestones, instilling confidence that the district is well-prepared for this technological wave.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/ripple-buys-pantera-capitals-minority-share-in-bitstamp/" class="cn-block-related-link__link">
            Ripple buys Pantera Capital’s minority share in Bitstamp&nbsp;        </a>

    
</div>


<p>The former vice minister of science and technology, Wu Zhong-ze, also comments on this development emphasizing the importance of introducing metaverse applications in fields like education, commerce, healthcare, and entertainment, while also advocating for the establishment of industry standards.</p>



<h2 class="wp-block-heading" id="a-changing-stance-on-cryptocurrencies">A changing stance on cryptocurrencies</h2>



<p>As a prominent city in mainland China, this development solidifies that Nanjing has joined the race to become a key player in the country&#8217;s multi-dimensional development by unveiling its&nbsp;<a href="http://jxw.nanjing.gov.cn/njsjjhxxhwyh/202302/t20230223_3834440.html" target="_blank" rel="noreferrer noopener">metaverse strategy</a>&nbsp;earlier this year, generating annual revenue surpassing 135 billion yuan ($19.13 billion) by 2025.</p>



<p>This move by Nanjing follows in the footsteps of Shanghai, which has recently introduced a diverse range of 20 metaverse use cases. These innovative applications cover various sectors, including virtual healthcare diagnostics and digital recreations of Shanghai&#8217;s renowned architectural landmarks.&nbsp;</p>



<p>The introduction of metaverse strategies and initiatives by cities like Nanjing and Shanghai highlights China&#8217;s recognition of the potential of this emerging technology, running in a stark contrast to the Chinese mainland&#8217;s restrictive approach towards digital assets. </p>



<p>This anti-crypto stance has been in place for a long time, prior to crypto being banned in September 2021 and is believed to remain for the foreseeable future.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
https://twitter.com/cz_binance/status/1661391542504902664
</div></figure>



<p>However, the combination of the metaverse platform announcement in Nanjing, and China&#8217;s Central Television station broadcasting crypto information might be a turning point.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/matter-labs-hires-activision-blizzard-executive-to-bolster-zksync-gaming/" class="cn-block-related-link__link">
            Matter Labs hires Activision Blizzard executive to bolster zkSync gaming        </a>

    
</div>

Nanjing unveils metaverse platform for local web3 development

Table of Contents

crypto.news

Other articles published on May 24, 2023

China Central Television Airs Crypto Coverage – What Does It Signify?

Ledger To Delay Key Recovery Service Launch, Open-Source Code

Winklevoss twins advise UK not to follow US crypto stance

Winklevoss twins eye UK for potential Gemini exchange headquarters

News Round-Up: Ripple Buys Swiss Start-Up, TOADS Passes $ 4.2m Sold, PEPE Becomes 2nd most traded...

Binance Cleared of $8M Tinder 'Pig Butchering' Case.

Join our free newsletter for daily crypto updates!