Metaverse Vietnam develops on a par with the world

 Experts assess that the ability to develop the metaverse in Vietnam is not inferior to pioneering companies in the world, but still faces many challenges.

The picture of the metaverse in Vietnam in particular and the world in general was shared by experts at Leader Talks on the morning of May 24.

According to Dang Khanh Hung, Research Director of FPT Blockchain Lab, Vietnam was often considered to be behind the world in technology development. However, with blockchain and metaverse, the integration of Vietnamese people is very fast. Many people from other industries switched to blockchain, metaverse but also quickly achieved success. “In terms of blockchain, beyond the metaverse, tech people in Vietnam can be confident that their gap with the pioneers is already very small, even peer-to-peer,” said Mr. Hung.

Mr. Hung took the example of Axie Infinity, the most prominent metaverse game in 2021, also developed by a Vietnamese team. In the past year, there have been many metaverse projects born in Vietnam, focusing on games, including projects that have called for investment of millions of dollars from the seed round.

Sharing the same opinion, Mr. Tran Dinh, CEO of AlphaTrue, member of the Executive Board of Vietnam Blockchain Association, assessed that Vietnam has a great advantage in software development with abundant human resources. One of the examples is that the GameFi wave has blossomed, with games leading the market.

However, Mr. Dinh said that the metaverse has two parts: hardware and software. In terms of hardware, companies like Meta have made robotic arms that people can interact with in real life or virtual reality glasses. This is the weak point of companies in Vietnam.

"In this regard, Vietnam can hardly be a counterweight to technology powers like the US and China. However, the metaverse has many fields such as AI, graphics, avatar building... Companies. are doing very well in things like graphics, payments, and AI, which is a great advantage of Vietnam, we need to prepare pages to enter the virtual universe," Dinh said.

'Metaverse will be the trend'

Both experts assess that the metaverse is not a temporary trend, but will become the general trend of the future.

According to Mr. Tran Dinh, the pandemic has made many people realize how much their need for interaction is, while current methods cannot satisfy that. Along with that is the need for expression. In the real world, we can buy expensive things but only the people around us know about. While on the metaverse, a valuable NFT can make a buyer world-famous. Those are just a few of the many reasons that businesses are pouring money into to create new interaction models that meet the needs of users.

Dinh also said that people are actually participating in the metaverse world, which can be mentioned as games with virtual characters, interacting and trading with each other.

In addition to companies like Meta investing in the development of the metaverse, virtual reality glasses, many other companies from the gaming to fashion sectors have joined the virtual universe, showing that this technology is increasingly popular and accepted. many companies from start-ups to backers.

However, a member from the Vietnam Blockchain Association also commented that currently "there are not many real products for users to experience, or only a small number of users can experience it, so they do not find it interesting". To improve this, many companies have invested in entertainment companies to enhance the experience in the metaverse. For example, Microsoft spent $65 billion to buy a game company. "They must be very confident, seeing the potential of the market to make such a big deal," he assessed.

Before information about the decrease in cash flow into this field, or users less interested in the metaverse after the blooming period of 2021, Mr. Hung said that this is a familiar process of a new technology. For example, with the development of the Internet in the 2020s, many projects and users' expectations are inflated, leading to large cash flows into this market and causing the dotcom bubble. After that, the interest gradually receded, but the Internet itself developed and created the products that serve today's life.

"Cash flow, interest only shows the temporary tastes of the community, not the development of that technology. This is also the period for technology people to really focus on building build useful products for the community," said Mr. Hung. According to Research Director of FPT Blockchain Lab, it is necessary to consider the metaverse in that it is a technology that focuses on user experience rather than a keyword to attract cash flow.

"If we look at the metaverse as the convergence of all related technologies to improve the user experience, to make the user feel more comfortable, that's the trend. And if we talk about the money flowing into these things, that's the trend. New projects sprouting up, developing metaverse products, those things don't serve the technology issue, it's just the result of the general community's excitement with new technology," said Mr. Hung.

Regarding the challenge with developing the metaverse in Vietnam, Mr. Hung - as a blockchain researcher - said that companies need to identify themselves as the leader, so they must explore and commit. In addition, lane

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