Crypto News- In recent years, the metaverse has lost some of its appeal among global tech leaders due to various investment and initiative testing shortcomings in the emerging technology. Sandra Helou, CEO of MetaMinds Group, shared her insights at the Cardano Summit in Dubai, emphasizing that the absence of suitable business models tailored for enterprises has been the primary cause of metaverse project failures. She stated that attempting to achieve short-term gains in the metaverse without a well-defined business model is an ineffective approach.
MetaMinds CEO Attributes Metaverse Project Failures to Lack of Viable Business Model
KPMG’s recent report revealed that only 29% of tech leaders in the UAE and 37% globally believe the metaverse will play a significant role in their businesses’ short-term success, with most leaning towards artificial intelligence (AI) over the next three years. According to Helou, the metaverse is a long-term vision that requires substantial effort, strategy, dedicated teams, and funding, not a short-term solution.
Despite recent skepticism in some quarters, metaverse builders remain optimistic about the technology’s potential to create new user experiences. To ensure the longevity and relevance of metaverse projects, Helou stressed the importance of addressing accessibility and interoperability challenges. She highlighted the fragmented nature of the metaverse, with different avatars and identities for various platforms, likening it to changing your wallet and clothes each time you enter a store.
Builders must align metaverse product lines with user needs and market demands, including selecting the appropriate blockchain network, assets, and ensuring digital identity safety and security. The goal is to create an interoperable world where users can move freely between different metaverse environments.
Dubai and the UAE have positioned themselves as emerging Web3 hubs, attracting global crypto firms with their crypto-friendly policies. According to Helou, the region’s regulatory approach and ease of doing business have created a favorable environment for metaverse success. Unlike the more enforcement-oriented stance of the United States Securities and Exchange Commission, the UAE, with its Virtual Assets Regulatory Authority, aims to provide necessary regulations without excessive micromanagement of the Web3 industry.
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