Vietnam’s opportunity in the Metaverse ‘race’

Tram Ho

Potential of Metaverse

Virtual reality space is helping pilgrims around the world to explore the holiest sites, experience rituals, and pray in the Metaverse virtual universe. Vatican City has even decided to launch its own NFT collection for some artwork, manuscripts and rare objects. They are displayed in a virtual library, accessible via computers and in virtual reality (VR).

In memory of the legendary Bruce Lee, martial arts club Bruce Lee and PRIZM Group recreated the martial arts star’s old home and relived the memories through NFT and Metaverse.

“We want people to know more about Bruce’s final image through VR technology and understand more about his Water Philosophy,” said Wong Yiu-Keung, President of Bruce Lee Martial Arts Club. good.

As for Mr. Choi Ji-ung, he is a middle-income person in Korea. He never dared to dream of buying an apartment in the expensive area of ​​Gangnam. But in the virtual world of Metaverse, he could do it.

Mr. Choi Ji-ung – virtual real estate investor on Metaverse platform “Earth 2” said: “I chose to buy an apartment in Gangnam district because I could not afford to buy in that area in the real world and the price its value will increase. The price of the apartment has increased by 40% since I bought it.”

Cơ hội của Việt Nam trong 'cuộc đua' Metaverse - Ảnh 1.

Metaverse industry will reach 800 billion USD by 2024. Artwork – Source: CNBC.

In addition to owning real estate, Mr. Shaun – an engineer – is also ambitious to organize events and profit from commercial activities in the virtual universe.

“I’m planning to design my building suitable for hosting K-pop live performances and K-drama screenings. That could lead to a profitable business model. in the next 2 to 3 years,” said Mr. Shaun – investor on Metaverse platform “Decentraland”.

The first benefit that Metaverse brings to users is a completely new experience and not only that, but they can also build their own version in the virtual world as desired.

Accompanying each person will of course be fashion clothes, houses, travel, starting a business… People can easily buy, sell and exchange digital assets with each other and from here form an economy on the internet. Metaverse.

A Bloomberg report estimates that the Metaverse industry will be worth $800 billion by 2024.

The potential of Metaverse in Asia is real and is expected to grow quite explosively in the coming years. Asia, including Southeast Asia, is the region with the most Internet users on the planet. Vietnam is also being considered as a hot spot for virtual reality technology.

Vietnam has many opportunities in the Metaverse space

Vietnam is currently in the group of 5 leading countries in Metaverse Blockchain technologies. According to a forecast by market analysis firm MarketAndMarkets, Vietnam’s Metaverse Blockchain market will reach $2.6 billion by 2026, or 5 times more than it is now.

Among the 200 largest Metaverse Blockchain companies in the world, there are currently 7 companies from Vietnam. According to experts, the technology world’s attention on Metaverse is bringing more and more opportunities to Vietnam.

Mr. Bui Sy Nguyen – Founder and CEO of MetaCity said: “Vietnam is one of the hottest markets for the development of Blockchain and Metaverse projects, especially Metaverse. Given the current situation, the number of projects is increasing. Projects and the amount of world capital pouring into Vietnam is very large, requiring very fast development, a very large amount of personnel and accompanying infrastructure. The number one important market in Southeast Asia, the destination of global Blockchain projects. Vietnamese users are considered as one of the most potential user groups. I believe Vietnamese users are well educated. high on Blockchain and Metaverse”.

Cơ hội của Việt Nam trong 'cuộc đua' Metaverse - Ảnh 2.

The Vietnam Metaverse Blockchain market will reach $2.6 billion by 2026, which is 5 times more than it is now. Illustration – Source: AP.

However, besides the opportunities, there are also challenges of Metaverse. Vietnam’s legal framework for Blockchain – one of the most important infrastructure of Metaverse is still not good and it will take more time to resolve policy issues. In the next few years, it is possible to create a legal framework to legalize property ownership and asset consumption on Metaverse.

In addition, another challenge is the excessively hot development, which is followed by a crisis in the cost of hiring personnel working in the Metaverse field. The salary paid for some positions has been pushed up very high, 2-3 times higher than 1-2 years ago. All of these will be challenges to overcome for Metaverse to take off.

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Source : Genk