Web3 projects in Vietnam are attracting a massive influx of international investment funds and blockchain companies, making the market increasingly vibrant.
Web3, or Web 3.0, is taking center stage in the Vietnamese blockchain community. According to Mr. Lew Tran, CTO of KardiaChain, the term Web3 describes the Internet of the future, where users experience faster and more personalized decentralized data connections, no longer dominated by tech giants like Amazon, Facebook, and Google. Blockchain application trends like GameFi, the metaverse, and NFTs are also considered part of Web3. While these trends are primarily entertainment-oriented, companies building Web3 strive to connect the value of all these applications to deliver an entirely new experience. The ultimate goal is to "return user data to their own ownership."
The term Web3 began gaining traction late last year after billionaire Elon Musk and Twitter founder Jack Dorsey debated the technology's potential. In Vietnam recently, many startups have also rolled up their sleeves to build Web3 projects rather than just discussing them as before. One of the standout Web3 startups is Ancient8, which completed two funding rounds with a total investment of $10 million. In addition, there are several other prominent names like Orochi Network (infrastructure) and Spinel Labs (DAO infrastructure).
The Web3 Trend in Vietnam
In just a short period, Vietnamese Web3 startups have captured the attention of international investment funds. In early September, the BNB Chain Web3 Accelerator Vietnam competition organized by Binance gathered 150 participating domestic projects. By mid-month, NEAR (Switzerland) also established a Web3 hub in Vietnam. Recently, at an event on October 18, a representative of the Polkadot project emphasized that Vietnam is currently one of the global hotspots for Web3 development. Therefore, this blockchain ecosystem decided to invest in Vietnam to build human resources for Web3.
The biggest difference between the Web3 wave in Vietnam and the GameFi trend is the participation of major technology corporations, not just startups. At the Vietnam Blockchain Summit on October 19, Mr. Vu Anh Tu, CTO of FPT, affirmed: "Web3 and blockchain have been integrated into the 'Made by FPT' ecosystem to develop open, flexible, and secure products, solutions, and platforms with high applicability across all sectors, bringing sustainable value to customers globally."
Digital fashion show on Web3 by designer Le Thanh Hoa on October 27.
In late October, designer Le Thanh Hoa organized a catwalk show combining online and offline elements. During the "An" show on Web3, audiences could watch virtual models showcase fashion collections in a vivid digital space. Besides that, several e-commerce platforms such as Tiki and Fado are also applying technology to expand their customer base and bring new experiences to users.
"It is the dynamic development of both the startup group and large technology corporations that could make Vietnam the leading market in Southeast Asia for Web3 growth rate and coverage," commented Mr. Lew Tran.
What is special about Web3?
While GameFi emerged in early 2020 by combining video games with decentralized finance, and the metaverse aims for a virtual world allowing users to live and interact as they do in real life, Web3 synthesizes the value of these technological trends. It holds vast potential to be exploited in fields like healthcare, education, and agriculture, rather than just entertainment. According to the CTO of KardiaChain, Vietnam will have various development directions with many new models being tested in the Web3 environment. However, the greatest potential will lie in three main areas: social networks, e-commerce, and gaming.
Web3, or Web 3.0, is a term referring to a decentralized web system built on a blockchain platform. This is considered the next step of the Internet, where servers will no longer exist, and users will have the right to control their data, identity, and their own destiny. Although still in its infancy, Web3 is receiving a lot of support from the community.
The majority of Web3 supporters assess that current online platforms are overly centralized and dominated by large tech companies like Apple, Amazon, Google, or Meta—the parent company of Facebook. These corporations store countless amounts of personal data and information worldwide, making it difficult for users to trust them.
Despite being in a "crypto winter," Web3 still receives massive attention from both startups and large investment funds. In June, Magic Eden, a startup in the Web3 sector, became the focal point of the global tech community when it raised $130 million in investment, bringing the company's valuation to $1.6 billion. In less than 9 months, Magic Eden has grown tenfold. Meanwhile, Binance and Andreessen Horowitz (a16z) are currently the largest investors in this sector, with funds worth $500 million and $600 million, respectively.
Khuong Nha (Copied from vnexpress.net)
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