‘The description of the metaverse is essentially for the next 10 years’

– According to the speakers, the How is the new wave of technology like blockchain, NFT, metaverse… impacting the global economy and businesses over the past year?

Mr. Tran Dinh, member of the Board of Directors of Vietnam Blockchain Association: According to a statistic at the end of 2021, the potential of the metaverse can reach 12.5 trillion USD in the future. This is a big piece of cake, every business has a share. When new technology is born, the company that can absorb it will have an advantage. The market is so potential that companies all want to contribute to own a share of the market.

Grandfather Dang Khanh Hung, Research Director of FPT Blockchain Lab: Obviously the impact is huge. I can give a few numbers for reference, not only the metaverse but about blockchain in general. One number most people see is the cryptocurrency market cap. In March 2020, the first wave of Covid-19, the market capitalization according to data on Coinmarketcap was about 250-280 billion USD. By November 2021, the market capitalization has increased to 2,500 billion, which means the scale has increased about 10 times. This increase is due to the capitalization of other industries pouring in.

Trillions of dollars poured into the crypto market over a year, making digital assets like Bitcoin one of the largest assets by market capitalization globally. While technology companies like Apple, Google take decades to research and develop products and have billions of users to achieve this value.

Admittedly, the maturity of an industry is not only determined by market value, but that is the easiest point to see. That number represents the “hotness” of this industry.

Traditional or national financial conglomerates also buy crypto assets and add to their portfolios. Things from the underground have now become mainstream, becoming products recognized by organizations and countries. In addition, large corporations, which have an impact on the world economy, also participate in this industry, showing their influence.