The project, called Blockchain Technology and Application Innovation Platform of China was created with the support of the state.
The goal of the project is to “deepen the integration of industry, science and research in the digital economy and meta universe.
Among the founders of the platform are various academic institutions and blockchain companies from across the country.
While the initiative by Nansing University, one of the country’s most prestigious, aims to present a digital China, it could also, the authors say, be an important boost to Jiangsu’s economy.
The province aims to generate 135 billion yuan ($19.3 billion) in annual revenue by 2025 from the metaclass industry, which could help Nanjing climb the commercial attractiveness ranking.
In December 2022, the Zhejiang provincial government announced that it intends to make the region one of the largest metacities in the PRC.
The authorities were going to allocate a budget of $28.7 billion for this purpose. In July 2022, Shanghai unveiled a roadmap for the development of metacities, allocating $52 million.
According to local media, the meta-universe industry in China has already attracted about $780 million, and that figure is expected to grow to $5.8 trillion by 2030.