Equipment cost is a major barrier to the spread of the metaverse. (Illustration)

At a Senior Managers Roundtable at an event recently hosted by Facebook Gaming, leading industry experts discussed new technologies, especially virtual space technology.

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 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, NFT and Blockchain technology are opening up new features that are not available in the traditional game market - the ability to share and own 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 their own way.

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, and helping the gaming industry be seen from a different perspective than just entertainment."

The metaverse will create experiences that are impossible in the real world, such as mobile 3D interaction, bridging of geographical distances, and even fulfillment of human wishes like immortality when bring memories and wisdom into the virtual world.

Barriers and opportunities for digital economy development

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.

According to Pham Hong Quan, co-founder of OneSoft, although metaverse is still a new concept, Vietnam has caught up quickly with the 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,” Quan said.

From a more conservative perspective, Mr. Mai Van Ninh, CEO of NFT Games (VNG Group), said the Southeast Asian market in general and Vietnam in particular still have many barriers when approaching the metaverse issue. The biggest barrier is the cost and availability of equipment.

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, 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.

Trong Dat