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In the crypto rally of 2021, the metaverse sector stood out as an industry of interest. However, investor attention has gradually waned in the past two years, with some global tech leaders no longer finding this sector mainstream appealing. Furthermore, the challenges faced in testing various investments and ventures in emerging technology have hindered its development.
Short-Term Gains are Unattainable in Metaverse Projects
Sandra Helou, CEO of MetaMinds Group, stated at the Cardano Summit in Dubai that the lack of specialized business models is the biggest failure in the metaverse industry, and investing in these projects for short-term gains is not a wise idea. She made the following remarks:
“When it comes to implementing a similar technology like the metaverse, it requires a major revision and change in business vision, teams, and models. The biggest issue we have seen is that people don’t understand the business models correctly, which leads to many failures.”
Helou’s statements came after a report by KPMG, which recently revealed that only 29% of technology leaders in the United Arab Emirates, and 37% globally, believe that metaverse projects will achieve success in the short term. According to the research, technology leaders’ interest is shifting towards the artificial intelligence (AI) sector in the next three years.
“Metaverse is not for short-term goals. It requires a lot of effort, strategy, dedicated teams, and funding for a long-term vision.”
Recommendations for the Metaverse Sector
Earlier this year, popular financial bulletin Business Insider published a report titled “RIP metaverse, we hardly knew ye.” Written by EZPR CEO Ed Zitron, the article claimed that the once attention-grabbing sector died after being abandoned by the business world.
However, this view did not deter developers in the metaverse sector who remain largely optimistic about the potential to create new user experiences. When asked how companies can ensure the longevity and validity of metaverse projects, Helou stated that players in the industry need to address accessibility and interoperability between projects:
“Operating in the sector is quite fragmented. It’s like a segment where you have your own avatar and identity when using Roblox. Then, if you want to move to another area, you have another avatar and identity. It’s very challenging.”
