Metaverse projects failed on lack of correct business model: MetaMinds CEO

cointelegraph.com:

The metaverse may no longer have mainstream appeal to some global tech leaders compared to two years ago. However, weaknesses in the testing of the various investments and initiatives in the emerging technology may have resulted in some of them failing.

On the sidelines of the recent Cardano Summit in Dubai, Sandra Helou, CEO of MetaMinds Group, told Cointelegraph that the lack of tailor-fit business models for enterprises “have been the biggest failure in the metaverse,” and turning to them for short-term wins is not the right approach. She said:

Helou’s comments come after KPMG recently released a report that found only 29% of tech leaders in the United Arab Emirates and 37% globally believe that the metaverse will play a crucial role in helping their businesses achieve short-term success. According to the survey, most tech leaders are leaning toward artificial intelligence (AI) instead 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, teams dedicated to it and funding,” the executive added.

Earlier this year, Business Insider published a report titled “RIP metaverse, we hardly knew ye.” The article, written by EZPR CEO Ed Zitron, claimed that the “once-buzzy technology” had “died after being abandoned by the business world.”

The narrative, however, did not faze builders in the space, who mostly remained optimistic about the technology’s potential to create new user experiences.

When asked about how companies can ensure the longevity and relevance of metaverse projects, Helou said the industry should address accessibility and interoperability:

“It’s kind of like every time you enter a store, you’d need to change your