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‘Metaverse will be popular in 5-10 years’

Binance founder Changpeng Zhao and FPT President Truong Gia Binh both think the metaverse will be the future and can be popular in the next 5-10 years.

Comments on blockchain and metaverse were shared by Mr. Binh and CZ at the talk on “Metaverse Future” on the morning of June 5. This is an activity on the sidelines of the Vietnam Gaming Industry Forum event – Vietnam Gaming Industry 2022, organized by VnExpress and AdTrue in July.

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Mr. Truong Gia Binh (left) and Changpeng Zhao (right) at the talk on the morning of June 5. Photo: Dinh Tung

At the beginning of the conversation, both men assessed Vietnam as one of the markets with the potential to develop new technologies such as blockchain in general and applications in the metaverse in particular. According to Mr. Truong Gia Binh, Vietnamese engineers are not pioneers in this technology. However, Vietnamese are “stubborn and quick to learn”, so they can learn and adapt quickly to new technologies.

After two days in Vietnam and interacting with local blockchain people, CZ assessed that Vietnam now has many potential projects, besides those that are operating effectively and with good performance. “In the near future, I believe there will be many projects going in the direction that can help form a potential and developing market,” commented the founder of Binance.

Regarding the metaverse in particular, CZ said that he has not seen any other trend more relevant than the metaverse in the future. According to this founder, in the next 5 to 10 years, or at the latest 20 years, there will be more things put into the virtual world, there will be more decentralized platforms for people to interact with. each other, as is done with social networks today.

“The virtual universe will help us interact more with each other, instead of just looking at photos on Facebook and clicking like now,” said CZ.

Binance Founder - Changpeng Zhao.  Photo: Dinh Tung
Binance Founder – Changpeng Zhao. Photo: Dinh Tung

Sharing the same opinion, Mr. Binh affirmed that the metaverse will be the future and people can benefit from them in the next 5-7 years. Currently, the metaverse or “virtual super universe” is still a new concept and does not have a clear definition. But according to FPT President, there are two approaches to the metaverse.

The first direction is like Meta (Facebook’s parent company), which is to provide users with a more advanced experience than current virtual or 2D world experiences. This metaverse revolves around technologies like 3D, VR, AR and can develop into a service array (metaverse-as-a-service).

The second direction is the way many blockchain companies or venture capital funds are approaching, which is to focus on open source, decentralized structures, like Decentraland or Sandbox projects. “They are built on blockchain technology, creating a decentralized economy, using cryptocurrencies to operate the virtual universe,” Binh said.

However, both also said that bringing the metaverse to life is still very challenging.

According to CZ, one of the challenges comes from the need for technologies to be accessible in a user-friendly and safe way. While technologies develop very quickly, a large group of users have not been able to adapt to them. An example of an important product is a digital asset wallet. Users are still facing many difficulties when using wallets. They must learn to remember very long passwords or protect them against virus attacks, malicious code. Blockchain and metaverse projects need to solve this limitation in order to develop the technology.

The founder of Binance also believes that the future of the metaverse will depend greatly on the leaders of today’s companies. To help grow, Binance can support them in terms of fundraising, user development or helping to build an economy in the virtual universe.

At the talk, Mr. Binh said that Vietnam in general and FPT in particular need to develop more strongly in the metaverse in order to take advantage of its potentials and not be left behind by the general trend of the world.

Mr. Truong Gia Binh.  Photo: Dinh Tung
Mr. Truong Gia Binh. Photo: Dinh Tung

To do this, he said the group aims to become a pioneer in blockchain and metaverse in Vietnam, aiming to expand its influence in the world. FPT is building technology products related to metaverse using core technologies such as AI, blockchain, cloud, Big Data, and also investing and supporting metaverse startup projects in the country. In the field of education, FPT is also promoting the dissemination of knowledge about blockchain, metaverse, opening Blockchain Lab to research related technologies.

“When you have a solid foundation and enough knowledge, you will easily adapt and don’t worry about being knocked down or left behind,” Mr. Binh said of the group’s determination to develop the metaverse.