Vietnam’s blockchain game projects have continuously appeared in recent years, attracting millions of dollars from international investment funds.
After the hit from Axie Infinity – The most expensive NFT game of all time, a series of blockchain game projects in Vietnam were born in a short time. From start-up studios to traditional companies, there is an ambition to tap into this emerging market.
Blockchain games “made in Vietnam” appearing in about half a year can be mentioned as: My DeFi Pet, Faraland, MeebMaster, Theta Arena, Sipher, HeroFi… Content and gameplay are also diverse from petting, role-playing combat to science fiction, catching up with the metaverse trend.
Many projects not only resonate in the country but also attract large international investors. At record stage, every day Axie Infinity has more than one million players around the world, total market capitalization reached 8.5 billion USD. Recently, another Vietnamese blockchain game project is Sipher successfully raised $6.8 million from investment funds of the US and Korea, and before that, Faraland (2.4 million USD), HeroVerse (1.7 million USD)…
Advantages of Vietnamese game makers
Blockchain game is a game genre built on the blockchain platform, which is different from traditional games in its decentralization. Game assets are distributed among players instead of being centrally controlled by a server. Mr. Nguyen Thanh Trung, one of the founders Axie Infinity, said that in Vietnam in particular and in the world in general, every day there are many new blockchain games born. The strength of Vietnamese people is the young game-making community, which is responsive to new trends.
Mr. Phan Tung, co-founder of Faraland, assessed that Vietnamese people are at the forefront of the blockchain game industry with Axie Infinity, followed by a series of other projects that have successfully raised millions of USD in capital. This is considered a “gold mine” for technology startups in general and the gaming sector in particular.
Sharing the same opinion, Ms. Thao Trang, CMO of Project SEED, said that Vietnam has long been one of the notable blockchain markets. “International colleagues assess that we own an entire blockchain ecosystem, not just single projects,” said Ms. Trang.
Statistics in 2020 of App Annie shows that, out of 68 million mobile users in Vietnam, about 57% play games with an average playing time of 3.9 hours a day. Vietnam also ranks second in Southeast Asia with 22% of the market share of downloading games on mobile applications, after Indonesia (38%). The number of game downloads in Vietnam grew by 10%, and user spending in games increased by 50% last year.
Lyn Hoang, Country Director of Binance Vietnam, said that the combination of games with blockchain technology has made Axie Infinity became a global gaming phenomenon, attracting millions of players from around the world. “Blockchain, especially NFT, has opened up new business models and new revenue streams for the game industry. Vietnamese game companies should take advantage and go global,” said Ms. Lyn Hoang.
Game makers believe that blockchain will be the platform of the future and will explode in the coming year. However, besides the advantages, the game making community also faces many challenges.
“In a primitive, new and hot market like the present, there are still many things to explore, the road to go is also very long. The lack of foundation, if accompanied by lack of patience, will create bad consequences, even destroy the reputation that has been tried to build in the past time”, Mr. Nguyen Thanh Trung said.
In addition, Mr. Trung also said that in the context of the open world and the translation of many things to the online platform, the definition of a country’s game-making team may be blurred. Game publishers are forced to go to larger markets and build international teams if they want to grow.
With experience from working for domestic and international projects, Ms. Thao Trang believes that one of the biggest challenges is still people. Because it is a new industry, recruiting is more difficult than traditional industries. “Usually, we only find people who are good at one thing, games or blockchain, then it takes time to train the other half. In the process, arguments between the two groups also occur continuously. In addition, blockchain As an industry that changes every day, developers must always be ready to respond to any changes in the market.”
Another challenge that developers face is community expectations. According to Mr. Phan Tung, in order to produce a good product, the publisher needs time to build and perfect. However, the pressure from the market and the expectations from the supporters inadvertently created a rush of psychology, affecting the quality.
Meanwhile, Mr. Nguyen Thanh Trung said that blockchain games have passed the stage of discovering and solving basic technical problems. The next problem is no longer “can or can’t” but change to “how well do”.
Assessing the potential, Mr. Pham Anh Tuan, with more than 10 years in the game industry, thinks that blockchain games will have a long-term vitality, existing in the next 10-20 years. This is not only the trend of the current game industry but also the inevitable direction of the future.
“The further future of this type is the metaverse, where game worlds link together to create a complete simulation universe. In the coming time, the blockchain market will see the entry of many big players in the industry. At that time, the quality of the game will be significantly improved in terms of graphics and gameplay. New technologies such as VR and AR are also upgraded so that players can interact in the virtual universe vividly. “, Mrs. Thao Trang said.