Tech leaders around the world are reevaluating their stance on the metaverse, with many expressing concerns about the technology’s mainstream appeal and suitability for short-term success. Sandra Helou, CEO of MetaMinds Group, shared her insights during the recent Cardano Summit in Dubai, highlighting the primary challenges faced by the metaverse industry.
Helou noted that the absence of tailored business models for enterprises has been a significant stumbling block for the metaverse. She emphasized that adopting metaverse technology requires a fundamental shift in business vision, teams, and models. The failure to get the business model right has contributed to the shortcomings experienced by many metaverse initiatives.
These concerns align with a recent KPMG report, which revealed that only 29% of tech leaders in the United Arab Emirates and 37% globally believe the metaverse will play a crucial role in achieving short-term business success. Instead, many tech leaders are turning their attention to artificial intelligence (AI) as a more viable short-term solution.
Helou emphasized that the metaverse is a long-term vision that demands substantial effort, strategy, dedicated teams, and funding. While some reports have declared the “death” of the metaverse, builders in the space remain optimistic about its potential to create new user experiences.
To ensure the longevity and relevance of metaverse projects, Helou stressed the importance of addressing accessibility and interoperability. The current fragmentation of the metaverse, where users have separate avatars and identities in different platforms, presents a challenge. Helou compared it to changing your physical wallet and clothes each time you enter a different store, making the experience cumbersome.
Builders need to align their metaverse product lines with user needs, select the appropriate blockchain network, assets, and ensure the safety and security of digital identities. Achieving this will create an interoperable metaverse where users can seamlessly navigate different virtual environments.
Dubai and the UAE have been actively attracting global crypto firms through crypto-friendly policies. Helou believes that the region’s approach to emerging technologies and its regulatory environment make it a prime location for metaverse success. Unlike the United States Securities and Exchange Commission’s enforcement-heavy approach, Dubai’s Virtual Assets Regulatory Authority is seen as a facilitator rather than a micromanager for Web3 projects.
