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GameFi has potential to attract billions of dollars worth of foreign capital

To help promote development of Vietnam’s startups, Blockchain-based game projects can also help attract foreign capital, another source for tax collection.

GameFi has become a hot keyword these days in the world and in Vietnam. Unlike traditional games, Blockchain game players not only play to entertain themselves, but also ‘play to earn’. The capitalization value of the GameFi market is estimated at dozens of billions of dollars.

Dang Minh Tuan, Chair of the Vietnam Blockchain Union (VBU), said in the last two years, stemming from NFT Game and ‘play to earn’, many different business models have appeared, including ‘move to earn’ and ‘learn to earn’.

There has been a tendency to ‘blockchain’ traditional games and build ‘play to earn’ models from the very beginning, applying game theory as a creating driving force for other activities to become games.

Tuan believes that GameFi is one of the fields that shows most clearly the application of Blockchain technology, DeFi ecosystems and NFT platforms, just after cryptocurrency, which is the most popular business model.

Any trend has its beginning, boom and setback. In the hot development period, many projects with wrong purposes and fraud appear, which may affect the prestige of projects in the field.

As many such projects have appeared, many people have lost their confidence in GameFi. The question is how to act in such a situation.

When the market shows signs of going down, this will indirectly cause the value of projects and products to decrease. The number of investors would also decrease.

According to Tuan, once the market goes down, this indirectly lowers the value of projects and products. The number of investors, therefore, will also decrease.

Tuan believes that if a legal framework is created for cryptocurrency and digital assets, Blockchain-based games will be able to attract foreign capital.

And this is not the only benefit for Vietnam. If it can have reasonable investment and tax policies in cryptocurrency and digital assets, Blockchain games could be a new source of tax collection. Also, the development of Blockchain games would help create high-quality programmers for many other Blockchain applications.

He said that Vietnam should set policies encouraging the development of GameFi projects which create value for the community and players.

Vietnam needs to soon issue guidelines and policies related to the management of digital assets, cryptocurrencies, and encourage innovation and mastering of technology with the ‘Make in Vietnam’ spirit.

“There should be sandboxes, or pilots programs for cryptocurrency and digital asset exchanges. It is necessary to lay down a mechanism to regulate these exchanges as well as a reasonable tax and transaction fee collection mechanism for products that are developed by Vietnamese,” he said.

Through centralized exchanges managed by organizations and appropriate agencies, Vietnam can control cash flow in and out, collect taxes, and minimize risks.

Trong Dat

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