The Metaverse: A Long-Term Vision Filled with Short-Term Failures

Metaverse projects failed due to lack of proper business models MetaMinds CEO

Imagine standing at the edge of a vast and mysterious world, ready to embark on an adventure that promises limitless possibilities. This is the allure of the metaverse, a realm where reality merges with virtuality, and imagination knows no bounds. However, the road to this digital utopia is filled with bumps and potholes, as some global tech leaders have discovered.

In a recent interview conducted at the Cardano Summit in Dubai, Sandra Helou, the CEO of MetaMinds Group, revealed the biggest failure plaguing the metaverse: the lack of tailor-fit business models. It seems that many enterprises have set out on this journey without a roadmap, hoping for short-term wins without realizing the need for a massive overhaul in their vision and business models. As Helou humorously remarked, “Getting your business model right is like trying to assemble a Rubik’s Cube blindfolded—it’s just not gonna happen!”

According to a KPMG report, only a meager 29% of tech leaders in the United Arab Emirates and 37% globally believe that the metaverse will play a crucial role in short-term success. It seems that the majority are leaning towards the enchanting allure of artificial intelligence instead, entranced by its promises of immediate transformation. But let me tell you a secret—true transformation takes time, effort, strategy, and, of course, a sack full of funding.

Now, it’s true that earlier this year, Business Insider published an obituary titled “RIP Metaverse, We Hardly Knew Ye.” Written by EZPR CEO Ed Zitron, the article claimed that the metaverse had been left high and dry by the business world, abandoned like a puppy in a storm. But don’t let the naysayers dim your hope! The builders in this space remain optimistic, firmly believing in the metaverse’s potential to create mind-bending user experiences.

• Web3 Financing Weekly Report Total financing amount of approximately $396 million USD, Hong Kong virtual bank WeLab receives $260 million USD asset financing from Citibank
• ETH Hong Kong 2023 successfully concluded, empowering the innovation of the Web3 ecosystem.
• Web3 Tools on Solana: Unleashing the Blockchain Beast!

So, how can we ensure the longevity and relevance of metaverse projects? According to Helou, we must address two essential aspects: accessibility and interoperability. Imagine, for a moment, walking into a store, only to realize that you need to change your physical wallet and clothes every time you enter a new aisle. It’s as absurd as wearing a snorkel on dry land! We need a seamless experience, a unified identity that travels with us, regardless of the metaverse store we choose to explore.

But let’s not forget the importance of laying a sturdy foundation. Builders must ensure that metaverse product lines align with the needs of users, clients, and the market. This means employing the right blockchain network, selecting the perfect digital assets, and understanding the safety and security behind digital identities. Make no mistake, my friends—building a metaverse that is open, fluid, and interoperable is no easy task. It’s like knitting a never-ending scarf that stretches across dimensions, a task only the most dedicated and visionary can undertake.

Thankfully, the United Arab Emirates (UAE) has emerged as a shining beacon on the path to Web3 prosperity. Dubai, in particular, with its crypto-friendly policies, has become a welcoming sanctuary for global crypto firms. Through its rules and regulations and the ease of commerce it provides, Dubai has created the perfect cocoon for the metaverse to thrive and soar to unimaginable heights. It’s as if Dubai is a launchpad, propelling metaverse dreamers to new horizons.

But fear not, my fellow adventurers! The UAE won’t tread the same path as the United States Securities and Exchange Commission, which has been described as “regulation by enforcement.” The establishment of Dubai’s Virtual Assets Regulatory Authority signifies a different approach—one that fosters growth without smothering freedom. The regulator won’t be playing the role of the meddling nanny, constantly checking under the metaverse’s virtual bed. No, my friends, they understand that true innovation requires space to breathe and mature.

So, whether you’re a seasoned digital asset investor or a curious bystander, join us in this exhilarating quest to uncover the true potential of the metaverse. Together, let’s explore a world where reality and imagination dance hand in hand, where boundaries are shattered, and where dreams become our new digital reality. The metaverse beckons you. Will you answer its call?

Are you ready to dive into the metaverse? What do you think are the biggest challenges and opportunities in this emerging technology? Share your thoughts and join the conversation!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!