24/10/2022
With the explosion of industry 4.0, Metaverse is becoming one of the most commonly mentioned concepts. According to experts, Metaverse will develop into a general trend in the future and will perfectly complement the real world.
The "Metaverse" is a set of virtual spaces where users can create and explore with other people who are not in the same physical space as them. Users will be able to hang out with friends, work, play, learn, shop, create and more. In terms of structure, the word Metaverse consists of Meta- which means "more comprehensive" and "transcendent", and -verse from universe which means "everything in one". Therefore, Metaverse is like a souped-up version of the real world, and it exists parallel to the real world. In this universe, tools or features provided by developers will allow users to break down barriers to freedom and creativity.
Metaverse drives convergence between online and offline worlds.
In the research paper entitled "Digital Asset Transactions in the Digital Economy – Metaverse economy", Mr. Luu Tuong Bach - Vice President of Economist Club, Chairman of the Board of Aptus Venture Capital, and Senior Advisor of FundGo Startup & Innovation Fund - demonstrated the boom of Metaverse and affirmed that it would be the perfect complement to the real world. He asserted that Metaverse was helping businesses shape the digital world and get ample development opportunities in the future if they grasp this trend. According to Mr. Bach, Metaverse proved to be an inevitable trend. Specifically, he mentions several examples including Citi Group’s estimation that the total market for the metaverse economy could grow to 13 trillion dollars by 2030 with 5 billion users. Gartner predicted that 25% of the population will spend at least an hour a day on Metaverse and 30% of organizations worldwide will have products and services ready for Metaverse by 2026. A report by McKinsey & Company also showed that 59% of consumers are excited about transitioning their everyday activities to the Metaverse. These numbers emphasize that Metaverse is not only leading to a technological boom but also having a great impact on the real economy. Remarkably, Metaverse is expected to have far-reaching applications for society such as, transforming fields of business, education, entertainment and media, healthcare, manufacturing, job training, and retail, etc.
Metaverse is predicted to thrive in the future.
Mr. Bach provided a typical example of Metaverse in socio-economic fields in this document. He stated that companies with new business models, such as McDonald's and Nike, were preparing the Metaverse to be a place where users could shop, play games, meet friends, and attend concerts. He also mentioned Metaverse Seoul, a unit established on a public-private partnership between 700 Metaverse-related companies and the Korean government and local governments across the country. Metaverse Seoul aims to achieve key objectives such as, making it easier for citizens to connect to government services; overcoming time, space, and language limitations; and discovering innovative ways to enhance user experience and satisfaction.
Compared to current technologies, Metaverse expands the online interaction space for users in a multi-dimensional manner.
According to Mr. Luu Tuong Bach's research papers, the Metaverse world is still in its early stages, but its technology platforms have been constructed, developed, and utilized in a variety of fields of practice. In Vietnam, the Metaverse market is among the top 5 countries and is expected to grow to $2.6 billion by 2026, more than five times its current size. However, we remain confronted with numerous challenges that require timely resolution to grasp the development opportunities. Human resources, in particular, are one of the critical factors that must be addressed quickly in order to satisfy market demands.
With available resources, FundGo is well-prepared to accompany partners such as Digital Asset Management Center (TSS), IM Group Digital Transformation Academy, and others in training human resources to approach blockchain and Metaverse theory and practice in order to improve the quantity and quality of resources in this field. Therefore, the Fund has strived to make Vietnam one of the world's most important markets and destinations for future blockchain projects.
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