The technology of the virtual universe (metaverse) is changing the definition of the game industry. In Asia, Vietnam has many conditions to become the leader in this field.
At the Senior Managers Roundtable in the event just hosted by Facebook Gaming, leading industry experts discussed many new technologies, especially the development of virtual space technology.
The birth of the metaverse is changing the game industry
According to a study by Ernst & Young, 97% of executives believe the gaming industry is at the heart of the metaverse’s growth. Notably, 48% of CEOs polled said that the metaverse will change the business models of game companies, boosting revenue and giving them new opportunities.
Many big tech companies, including Meta (formerly Facebook) are pursuing building virtual universes. (Illustration)
When talking about the differences that the metaverse brings, first of all, NFTization and Blockchain technology are opening up new features that are not available in the traditional game market, that is, the ability to share and ownership for characters and items in the game.
One of the biggest differences of virtual universes is the ability to create more attractive rules of the game in its own way.
Mr. Thai Thanh Liem – CEO and Founder of Topebox. (Photo: Trong Dat)
Sharing his views on this issue, Mr. Thai Thanh Liem – CEO and Founder of Topebox said: “Metaverse solves many problems such as increasing connectivity, increasing the value of game time, helping gaming industry is seen from a different perspective than just entertainment.”
In addition, the metaverse will create experiences that are impossible in the real world, such as mobile 3D interaction, bridging geographical distances, and even fulfilling human wishes like immortality when bring memories and wisdom into the virtual world.
Barriers and opportunities for digital economy development thanks to metaverse
Although still in its infancy, the metaverse is seen as an opportunity for gaming businesses in Southeast Asia. According to estimates by PwC, the gaming industry will help boost global GDP by 1.5 trillion USD by 2030. In another report, Bloomberg predicts that the value of the game industry will soon reach 800 billion USD.
Mr. Pham Hong Quan – Co-founder of OneSoft. (Photo: Trong Dat)
According to Pham Hong Quan – co-founder of OneSoft, although metaverse is still a new concept, Vietnam has caught up very quickly with this trend. The proof is the success of Sky Mavis’ Axie Infinity game.
“As long as it is on the right track and ready to invest, Vietnam will continue to lead the game development market in Southeast Asia, outpacing Indonesia and Thailand in both the number of publishers and the number of games on the metaverse,” he said.
From a more conservative perspective, Mr. Mai Van Ninh – CEO of NFT Games (VNG Group) said that the Southeast Asian market in general and Vietnam in particular still have many barriers when approaching the metaverse issue. Among them, the biggest barrier is the cost and availability of equipment.
Equipment cost is a major barrier to the spread of the metaverse. (Illustration)
In order for the metaverse to convince everyone to participate, this technology must bring a new experience, but according to Mr. Dao Quang Tuan – Deputy General Director of Game Business at Funtap, the Internet’s latency is currently not meeting this need.
This expert believes that, in order to promote the development of the metaverse, it is first necessary to create a common standard for the industry. This is a big challenge and requires the participation of many parties, especially market leaders as well as government agencies.