Metaverse Adoption Requires Long-Term Vision and Interoperability, says MetaMinds CEO
Summary:
Global interest in the metaverse has waned over the past two years, partly due to the lack of suitable business models for companies engaging with the technology, according to MetaMinds Group CEO, Sandra Helou. She views metaverse engagement as a long-term vision requiring substantial planning, dedicated teams, and funding rather than as a tool for short-term gains. Despite a recent KPMG report indicating low confidence in the metaverse amongst tech leaders, builders remain optimistic about its potential. Helou underlined the need for accessibility, interoperability, and user, client, and market alignment in metaverse projects. Lastly, she highlighted the conducive crypto policies in the United Arab Emirates as an advantage for emerging technology development.
Global tech leaders' mainstream interest in the metaverse has seen a decline over the past two years due in part to some failures in testing various investments and initiatives in this nascent technology. During the recent Cardano Summit in Dubai, MetaMinds Group CEO, Sandra Helou, conveyed to Cointelegraph that the absence of business models that are tailored to specific enterprises has been a major pitfall in the metaverse world. She noted that many people did not establish the right business model for their enterprises, resulting in failures.
Helou's comments followed the release of a KPMG report indicating that, amongst tech leaders in the United Arab Emirates and globally, only 29% and 37% respectively believe the metaverse will play a pivotal role in achieving short-term success for their businesses. The majority of tech leaders are now more focused on artificial intelligence for the next three years.
Helou stressed that utilisation of the metaverse should not be for short-term gains but for a long-term vision that requires extensive planning, dedicated teams, and funding. Despite an earlier Business Insider report pronouncing the metaverse as practically obsolete, developers remain hopeful about the technology's potential to forge new user experiences.
Regarding the sustainability and relevance of metaverse projects, Helou emphasised that accessibility and interoperability need to be addressed as the metaverse is quite fragmented at this stage. She underscored that developers need to ensure that metaverse offerings align with what their users, clients, and the market require, which includes factors like the suitable blockchain network, utilitarian assets, as well as comprehending the safety and security of digital identities.
In terms of regional tech development, Dubai and the broader UAE have been attracting international crypto firms with their open policies towards crypto. Helou shared that these policies facilitate builders to actualize their visions more easily. She also expressed her belief that UAE would not adopt the Securities and Exchange Commission's "regulation-by-enforcement" approach towards the sector. She indicated Dubai's Virtual Assets Regulatory Authority doesn't micro manage the Web3 projects and instead advances necessary policies.
Published At
11/6/2023 10:21:36 AM
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