At the highly anticipated launch event, the company showcased its flagship product, Nomion, a cutting-edge solution designed to revolutionize the identification of physical items. Nomion leverages Radio Frequency Identification (RFID) and blockchain technologies to create a distinct digital identity for each physical product. This innovation ensures transparency and uniqueness for products across both the physical and digital realms.
Nomion’s capabilities extend beyond traditional identification. It opens the door for the integration of LiDAR technology (Light Detection and Ranging – an infrared light scanning and measuring technology) and virtual reality/augmented reality (VR/AR), allowing physical products to seamlessly transition into the digital environment. This integration is poised to significantly increase the value of products, positioning them as integral components of the burgeoning digital economy.
In Vietnam, the proliferation of smartphones is noteworthy. According to Insider Intelligence, the country boasted 62.8 million smartphone users in 2022, constituting a staggering 98 percent of the total internet user base. Notably, 6 percent of these users are equipped with devices connected to virtual reality, indicating a substantial shift towards digital spaces.
These statistics underscore a widespread trend, both in Vietnam and globally, of users gravitating toward digital spaces. Prolonged engagement in digital environments has fueled a demand for authentic digital experiences that mimic real life.
This burgeoning market presents a significant opportunity for Vietnam to tap into from its inception. Projections suggest that the Digital Twin market could reach a value of $35.8 billion by 2025, while the combined market for AR and VR technologies, bridging the gap between the real and digital worlds, is estimated to reach $266.2 billion between 2021 and 2024.
MGI Research predicts that the digital economy’s value will surge from $8.51 trillion in 2022 to VND11.47 trillion by 2026, reflecting a remarkable compound annual growth rate (CAGR) of 7.75 percent over five years.
Nam Do, Chief Technology Officer (CTO) of Phygital Labs, emphasized that the rational application of phygital technology in reality has the potential to enhance the value of products in both the digital and physical spheres. Phygital solutions streamline processes, enhance user experiences, reduce operational costs, and instill confidence in users due to their transparent and highly authentic nature.
Beyond the digital economy, these identification solutions have the added benefit of preserving and sharing the nation’s cultural heritage with internet users worldwide in a simple, cost-effective manner.
In Vietnam, the successful application of phygital technology is evident in various sectors, including digital fashion brands like Ortho Starlight, farm specialties and OCOP products showcased by Cafe Le J’, The Ho Tieu, and the digital museum experience at Non Nuoc Stone Village.
Phygital Labs’ innovative Nomion product signifies an exciting development in the tech landscape, offering a bridge between the physical and digital worlds, while promising to shape the future of product identification and user experiences in Vietnam and beyond.