Vietnamese blockchain startup manages in the 'crypto winter'

 Hoang Tuan, 28 years old, collects the last items to return to his office on Tran Hung Dao Street, Ho Chi Minh City after his blockchain project had to be halted.

Half a year ago, this office almost never turned off the lights. More than 30 young people work day and night to outsource blockchain and metaverse game projects. Tuan's company was established at the end of 2020, making a profit during 2021 until two months ago. The "crypto winter" came, washing away all the accumulated assets of the fledgling startup due to the customer's request to suspend the project, and the staff also left in turn.

Many startups disappeared from the market

In the Vietnamese blockchain community, cases like Tuan are not uncommon. Trung Vuong, CEO of a startup in Ho Chi Minh City, had been incubating the move to earn project for a few months and was planning to launch it in early June, but had to leave it open because the market was constantly plunging. "In the early stages, everything is still going according to the roadmap to launch products and call for investment. However, at this moment, even the projects leading the market have collapsed, we have almost no chance. ", said Wang.

Vuong said he is still lucky because the scale of the project is not large and can still withdraw without debt. "On average, for every 10 blockchain projects born at the end of last year, I estimate that there are only two projects remaining. Many people quietly left the market, others even got into disputes and debts," he said. speak.

Le Quang Khai Minh, owner of a company specializing in blockchain, said that he is working with a lawyer to reclaim the amount of nearly two billion dong from a blockchain game publisher. His company has been outsourcing a GameFi project since December last year, so far has completed the 3D drawing, basic blockchain, enough to produce products and raise capital, but the partner finds the market gloomy, the project is no longer feasible, so seek to cancel the contract. Another project has also been completed, the invoice is full, but the customer refuses to transfer the remaining 35%. In total two projects, Mr. Minh's company is being "exploded" by nearly 2 billion VND.

"There is a project of tens of billions of dong, but customers find it unsatisfactory, so they find ways to 'run the village'. Many people even lock their social network accounts, partners and investors cannot contact to get it back. money," Khai Minh said.

According to Phan Duc Trung, Vice President of the Vietnam Blockchain Association, in this period, startups must always be vigilant and prepare for the chaos that is sweeping the market. "Startups have to readjust their project goals. In the coming time, it will be really difficult to survive. If they keep the same operating mindset as the end of 2021, it will be difficult for the project to survive and nurture new businesses. good products for the future," warned Mr. Trung.

Many projects still embrace the dream of 'unicorn'

However, from an optimistic perspective, those who have experienced the previous "winter" think that this is a necessary period for the market to purge poor quality products. Trung said that some big companies in the world like Celsius or 3 Arrow Capital have just filed for bankruptcy, but veteran companies like FTX, Binance or Goldman Sachs are looking to buy back projects.

Meanwhile, Mr. Thai Thanh Liem, CEO of Topebox - one of the pioneers in the field of mobile games in Vietnam, expressed interest in this phase of the market. According to him, this is the time when developers can talk a lot about the applicability of the technology, persuading users to have more access to blockchain without fear of being inflated, leading to too much pressure when making products. Products.

"When the media and advertising hype no longer works, genuine app makers will no longer hesitate to come out and talk about their products, not afraid of being equated with projects. I love this stage because I believe this is the best and most focused environment to develop products," said Mr. Liem.

Many Vietnamese blockchain projects continue to develop and launch new products because they think that the application market is no longer parallel with the financial market, so "the longer the winter, the more unicorns will be created" in the future. future.

“We officially launched the project during the 'crypto winter' because we believe this is a better time to prepare, connect and catch the waves in the next growth phase of the market," said Mr. Quang Pham. , CEO of Gamoni, said.

According to Mr. Quang, in the future, applications such as blockchain games will have to be shaped as an entertainment product with a "game play" element that is attractive enough for players to instead focus on talking about profits and ways to earn money. money as before. "The next stage of the market will need a good platform to help build quality game products that both entertain players and receive the positive benefits that blockchain brings, instead of investment stories, make money," Quang said.

"Blockchain not only has applications in finance, but also transmits applied value to other industries such as healthcare, logistics.... The value of the product will depend a lot on the cooperation of the project developer. and experts in the industry. Participants should learn more about organizational governance, instead of just learning and researching about tokens," Trung noted.

Many Vietnamese blockchain developers believe that after the "downtrend" period, the Vietnamese blockchain market will continue to thrive and be led by tough, courageous teams. "This is the time when blockchain technology really builds trust with the traditional world. Blockchain companies should cherish this time and focus on solving problems with technology to grow in a sustainable way." Mr. Thai Thanh Lien said.

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