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Vietnam is a rising star in the global gaming market with a sky-high growth rate, while also emerging as one of the most active communities in the world during the last blockchain growth cycle.
According to the data.ai website, Vietnam is in the top 5 countries worldwide in terms of mobile game downloads. There are over 100 firms in this industry, and the number is shooting through the roof.
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Speakers in sector "What’s next for the blockchain space". Photo courtesy of Endeavor Viet Nam |
Online games only entered Vietnam in 2003, far later than the rest of the world.
The Vietnamese game industry has since gone through three generations. The first one of PC games was from 2005 to 2009. The second was mobile games, in concert with the emergence of smartphones and especially the launch of the App Store. And finally, in 2014, Flappy Bird inspired many indie game developers. Then come Web 3.0 games utilizing blockchain technology.
The rapid development of gaming and Web 3.0 industries in Vietnam has drawn global attention to the promising digital economy with plenty of room for further growth and numerous possibilities.
"Despite being among the top downloads, Vietnam has no gaming firms rated in the top 200 for greatest income, indicating that revenue from in-app purchases remains low. The local market, while having a value of roughly US$500 million per year, is dominated by 95% of foreign game players," said Linh Luke Nguyen, co-founder and CEO of Athena.
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Linh Luke Nguyen, co-founder and CEO of Athena. Photo courtesy of Endeavor Viet Nam |
"Deciphering" momentum of gaming and Web 3.0 in Vietnam
Vietnam has many advantages for fostering the gaming industry, including a robust digital infrastructure, a tech-savvy community, and innovation competence.
Continual advancements in the gaming industry are driving industry development, with a particular focus on enhancing the user experience.
Game developers in Vietnam have embraced the favorable opportunity to make breakthrough moves. A series of independent game studios have grown rapidly, notably in the casual and mid-core mobile game genres.
Video courtesy of S-World.
For the first time, many influential figures in the game and Web 3.0 communities have gathered at Endeavor Forum eBox, including game creators, visionary leaders, and tech talents who have contributed to putting Vietnam on the global game and blockchain industry map, including Sky Mavis, Atherlabs, Rikkeisoft, Coin98, Genetica, KyberNetwork, Amanotes, Athena...
Via exclusive broadcasts, a series of Endeavor Forum eBox videos will introduce the vibrant game and blockchain scene in Vietnam.
The different perspectives will focus on the evolution of the Vietnamese gaming sector, the prospects for games and Web 3.0, what’s next for the blockchain space, and how to nurture innovation and leadership.
The experiences of trailblazers who have experienced success in the international market will help startups, entrepreneurs, game creators, and technology enthusiasts form sustainable strategies, products, and teams and prepare for business challenges and uncertainties.
Representatives from international investment funds such as BITKRAFT Ventures, Mythic Protocol, Agate, Yield Guild Games, and Emphasis will also participate in the Endeavor Forum eBox talks.
By assembling speakers from different industries, both locally and abroad, eBox’s discussions of the game and blockchain industry’s future will shed light on the industry from a wide range of viewpoints while offering a platform for entrepreneurs, startups, and investors to connect, exchange ideas, and seize business opportunities.
Future technologies and business models
"The gaming industry in Vietnam started from around 2005 to 2009. In just 10 years, we have gone from almost zero to something. 40 years ago, there was a crash. But just like this year, it is also a great reset. This is when a legend arises," Linh Luke Nguyen said.
Video courtesy of S-World
Tin Nguyen, founder and CEO of Ather Labs, said in the eBox talk that game genre was very important to the target market.
On the other hand, Trung Nguyen, CEO of Sky Mavis, believes that the more important thing is how to develop the business model.
These valuable insights will be important for entrepreneurs and startups diving into the game and blockchain fields, as well as for domestic and international investors to stay ahead of the game.
Leah Callon-Butler, Director, Emfarsis, a respected industry journal, asks, "How are you guys thinking about AI? Is it something that you're actually prioritizing in your development, and in the way that you're thinking about your strategy, are you kind of thinking it's more hype than actually something that's worth your time and effort?"
Prepare to stay ahead of game
In recent years, visionary young founders have made a name for themselves in the hyper-casual game genre.
Flappy Bird, for example, became a global mobile game phenomenon; Axie Infinity is the first NFT game to achieve a billion-dollar valuation; and Amanotes has become a leading publisher of music games worldwide. All are made-in-Vietnam products that have helped put the Vietnamese gaming industry on the global map.
According to Chung Dao, co-founder of Rikkeisoft, the good thing about blockchain is that it has a community that combines AI and blockchain.
If the market comes back after falling, Loi Luu, Chairman of Kyber Network, said that there is no need to worry if they cannot become number one with what they are building because, in the bear market, "no one is down if you are still building."
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Speakers in eBox’s discussions of the game and blockchain industry’s future. Photo courtesy of Endeavor Viet Nam |
Technological advancements are greatly driving the growth of the gaming industry and Web 3.0.
However, it is the management, leadership, and creativity abilities of humans that are the main factors contributing to breakthroughs.
"We always talk a lot about technology and why we are using it in a new way in the game industry, but at the end of the day, it is people who make it work," said Gabby Dizon, Co-Founder of Yield Guild Games.
The great potential of the game industry and blockchain, along with a challenging economic and political landscape, also pose demands on the leadership skills of the next tech generation.
The topic "Nurturing leadership skills and talent in game innovation" will be highlighted in the video series for entrepreneurs, tech startups, and game and Web 3.0 product developers to find inspiration.
Nam Nguyen, Chairman of Endeavor Vietnam, posed a challenging question regarding leadership and talent training.
"If you have to lay off 90% of your employees, who will you retain?" and "It seems that we all agree that 80% of jobs will be replaced with AI. We have about a billion people who are watching and unmotivated. So how should businesses motivate them?"
The eBox titled "The Future of the Game and Web 3.0 Industry in Vietnam" will be aired exclusively on VnExpress starting Nov. 11.
The eConference consists of multi-video courses that cover the entire current and future game and blockchain industry scene in Vietnam and around the globe, including: A journey through Vietnam’s gaming evolution; Shaping the Future of Gaming; Blockchain Space: What's Next? Nurturing leadership and talent in game creation.
Click here to join the eBox event with the theme "The Future of the Game and Web 3.0 Industry in Vietnam" without the requirement to install any applications. Participants are only requested to purchase tickets and log in as per the instructions provided by the organizers.
The Forum "Game Changer - The Future of Game & Blockchain" was organized by Endeavor Vietnam. The eBox Forum video is produced and marketed by S-World; the company has cooperated with VnExpress in producing "Nguy Co," "The Next Power," and Climatic series on e27.co with ADB Ventures, Asian Development Bank.
