Nanjing University of Information Science Technology has reached an important milestone in its quest to become a Distributed Ledger Technology (DLT) center as it rename its information technology department after the metaverse.
Under the School of Artificial Intelligence, the department changed its name to the Department of Metaverse Engineering after prior deliberation by the institution’s board members. The dean of the School of Artificial Intelligence, Zhigeng Pan, noted that the decision was the first of its kind in mainland China that a faculty will be named after the metaverse.
Details of the newly named department’s program remain unclear, but Zhigeng noted that it will train master’s, doctoral and postdoctoral students in different areas of the metaverse. Leveraging Zhigeng’s speech to reporters, the Metaverse Engineering Department will focus on researching the metaverse and identifying new applications for the technology that will be integral to providing a talent pipeline for technology companies. the ecosystem.
The university previously entered into an agreement with Yalong Intelligent Equipment Group to establish a Metaverse research institute.
The institution’s moves into the metaverse are part of the global race for industry development. The Metaverse has been described as the next iteration of the Internet, taking advantage of distributed ledgers to create a virtual world for users. Given the increased interest in the Metaverse, Citi predicted that the Metaverse could top $10 trillion.
“We estimate in the report that the target addressable market (TAM) for the metaverse economy is in the order of over $10 trillion,” noted Ronit Ghose, Global Head of Asset Banking, Fintech and digital. “Experts who contributed to the report indicate a user range of up to five billion” depending on whether or not cellphone users are counted as part of the count.
Chinese tango with the metaverse
China has clung to the metaverse with an enthusiasm that has baffled experts since the country’s regulators had imposed a blanket ban on digital assets. In fact, Chinese company Pony Ma had publicly unveiled its extensive plans for the metaverse, called Quan Zhen, months before Meta (NASDAQ: AEM) made his big reveal.
Chinese tech giants like Tencent, Huawei, and Epic Games have also laid out plans for their Metaverse releases in collaboration with some of the country’s educational institutions.
Besides private efforts, the Chinese government is also making significant progress in the development of the metaverse. Local governments in Beijing and Shanghai have previously announced plans to use the metaverse to trigger economic growth in their cities. However, not all regional governments share the same position on the metaverse.
Watch: The presentation of the BSV Global Blockchain Convention, Masters of the Metaverse
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