During the cryptocurrency boom of 2021, the metaverse sector emerged prominently. Yet, despite a range of innovations, the past two years have seen a dip in investor interest. Global tech leaders have observed that the industry has diminished in mainstream appeal.
This downturn is partly due to hurdles faced in the testing phases of several investments and ventures within this nascent technology. These issues were prominently discussed at the Cardano Summit in Dubai, highlighting a significant trend in the industry’s trajectory.
Metaverse Projects Cannot Make Profit in the Short Term
At the Cardano Summit in Dubai, Sandra Helou, CEO of MetaMinds Group, pointed out a crucial deficiency in the metaverse sector: the lack of unique business models designed specifically for companies, which she identifies as a key factor behind the sector’s failures.
Helou advised against chasing short-term gains in these ventures, stating, “Adopting technologies like the Metaverse requires a significant shift and transformation in business vision, team dynamics, and business models. The most common problem we see is a widespread misunderstanding of these business models, leading to many failures.”
Her comments reflect insights from a recent KPMG report, presenting a cautious view among tech leaders. Only 29% of tech executives in the United Arab Emirates and 37% globally expect to play a major role in the short-term development of metaverse projects.
Furthermore, the report highlights a shift in interest among these leaders towards the artificial intelligence (AI) sector for the coming three years.
Sandra Helou, CEO of MetaMinds Group, emphasized in her remarks at the Cardano Summit in Dubai that the Metaverse should not be pursued with short-term objectives in mind. She asserted, “The Metaverse is not for short-term goals. It’s undoubtedly a long-term vision that demands considerable effort, strategic planning, dedicated teams, and funding.”
This perspective is supported by a recent KPMG report, which showed that only 29% of tech leaders in the United Arab Emirates and 37% globally are confident in their role in the short-term progress of Metaverse projects.
The report also indicates a shift in focus among these leaders towards the artificial intelligence (AI) sector over the next three years, underscoring Helou’s point that the Metaverse necessitates a significant and sustained commitment.
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