Metaverse Debut from a Famous Name: Industry Players Should Work Together
The metaverse sector stood out during the cryptocurrency rally of 2021. However, despite numerous innovations, investor interest has waned over the past two years. According to some global tech leaders, the industry has lost its mainstream allure.
Moreover, challenges encountered during the testing phases of various investments and initiatives in this emerging technology have contributed to this decline. Noteworthy comments on this trend were made at the Cardano Summit in Dubai.
Metaverse Projects Cannot Make Profit in the Short Term
At the Cardano Summit in Dubai, MetaMinds Group CEO Sandra Helou highlighted a critical shortfall in the metaverse domain, emphasizing the absence of distinct business models tailored for companies as a primary reason for failures within the sector. Helou cautioned against the pursuit of short-term profits in these projects and further elaborated:
“The implementation of technology akin to the Metaverse necessitates a substantial shift and transformation in business vision, team dynamics, and business models. The most significant issue we observe is a widespread misunderstanding of these business models, which leads to many of their downfalls.”
Helou’s remarks align with a recent KPMG report, indicating a sobering perspective among tech leaders. Only 29% of tech executives in the United Arab Emirates and 37% globally anticipate playing a significant role in the near-term advancement of metaverse initiatives. This report also suggests a pivot in interest among these leaders towards the artificial intelligence sector (AI) over the next three years.
“The Metaverse is not for short-term goals. “It’s definitely a long-term vision that requires a lot of effort, a lot of strategy, dedicated teams and funding.”
Helou’s statements come from a recent report by KPMG, which revealed that only 29% of technology leaders operating in the United Arab Emirates and 37% globally believe that they will play an important role in the short-term success of metaverse projects. came next. According to the research, the interest of technology leaders is turning to the artificial intelligence sector (AI) in the next three years.
“The Metaverse is not for short-term goals. “It’s definitely a long-term vision that requires a lot of effort, a lot of strategy, dedicated teams and funding.”
