In a report detailing the crypto landscape in Vietnam for H1 2023, the Non-Fungible Token (NFT) ecosystem witnessed Ethereum’s rise to 46.4%, surpassing BNB Chain’s 43.2% and Solana’s 18.7%.
Solana held the top position in the country in 2022. An additional trend identified was the emergence of new kinds of NFTs including Arbitrum (27.4%), Aptos (13%), and Bitcoin (11.2%).
While the emergence of these NFTs on these three platforms had an impact on the global NFT landscape, its effects were also experienced in Vietnam.
In terms of holding periods for NFTs, two-thirds of Vietnamese respondents said they held NFTs between 1 and 6 months. It highlights the short-term focus of holders of NFTs as compared to the trend in early 2022.
Furthermore, a notable distinction among different user groups is emerging. Beginners, often seeking quicker returns, tend to liquidate their NFT assets earlier compared to more experienced collectors and investors.
This trend reflects the evolving strategies and attitudes towards NFT ownership among various segments of the Vietnamese crypto community.
Candy Crush leads GameFi
On how GameFi fared in the Asian nation, there is a change in preferences among players, with casual games emerging as the frontrunner.
Topping the list of casual games are Candy Crush, Among Us, and FarmVille, which 39.3% of respondents said they played.
The RPG/MMORPG (role-playing games) category closely follows, capturing the interest of 36.9% of surveyed players.
Turn-based card games also garnered a notable share, with 36.2% of respondents expressing a preference for this strategic genre.
Additionally, MOBA (Multiplayer Online Battle Arena) games like League of Legends (LoL) and Dota 2 secured 26.6% of the players’ favor.
Conversely, the FPS/TPS (First-Person Shooter/Third-Person Shooter) genre, which held the top spot in 2022, has been replaced.
Also, while there is a change in the top position for gamers, the survey indicates that there’s no significant differentiation in preferences between the various gaming segments.
This suggests a diverse gaming community in Vietnam where players embrace a wide range of genres.
Domain Name Services on the rise
In addition to the NFTs and GameFi sectors, the report also covered the SocialFi market in Vietnam. Out of 2,322, it was gathered that “Learn to Earn” initiatives captured the interest of 53.3% of respondents.
Examples of projects here include Hooked Protocol and Open Campus, where participants can acquire valuable knowledge while earning tokens in return.
Domain Name projects also ranked highly, attracting 60% of participants. SpaceID and the Ethereum Name Service (ENS) are within this category.
Here, participants buy blockchain-based domain names with hopes of financial gains.
Another SocialFi genre that was popular in H1 2023 was Quest to Earn initiatives at 50.2%. An example is Galxe. Participants engage in tasks or challenges to earn rewards in cryptocurrency.
Also, decentralized social network platforms such as Lens Protocol and CyberConnect attracted 31.2% of respondents.
The advantages of these projects can be connected to the opportunity to build community and interact.
Lastly, 7.4% of the respondents indicated that they were not involved in any of the aforementioned SocialFi projects.
In all, over 50% of those surveyed said they had engaged with SocialFi platforms.