The city of Nanjing, the capital of China's Jiangsu province, has just launched a "blockchain innovation technology and application platform" to promote and develop the metaverse.
The state-run organization is reportedly headed by the Nanjing University of Information Science and Technology.
The initiative has been promoted by representatives of academic institutions and blockchain-related companies from across mainland China.
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The objective of the project is to combine the resources of the founding members to explore the functionality of digital worlds.
Nanjing is among several Chinese cities vying for a leading role in the development of the national metaverse. City officials have previously unveiled a virtual space development strategy, under which the jurisdiction plans to reach 135 billion yuan ($19.13 billion) in revenue by 2025.
Despite China's tough stance on cryptos and NFTs, the country recognizes the potential of Web3 technologies as a catalyst for its digital economy.