Metaverse: According to Sandra Hallo, CEO of Metaminds Group, business models were not appropriate, which is why global IT leaders’ interest in Metaverse has diminished.
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Metaverse projects fail
Today, however, some global tech leaders are no longer sold on the idea of the Metaverse being a mainstream product. At the same time, some of them may not prosper due to some flaws in testing numerous new investments and projects in advanced technology.
Sandra Helo, the MetaMinds Group CEO said that the metaverse has been hindered by a lack of suitable models for businesses and provided a brief glimpse of them on the margins after the recent Cardano Summit in Dubai. This way is not the best way to win terms.
Metaverse technology demands a radical change in corporate approaches, teams and corporate models besides technology itself. A high percentage of failures are a result of wrong business model formation.
The remarks by Helo are after the KPMG report which shows 29% of tech leaders in UAE believe the success of companies is related to the metaverse in the short run and 37% worldwide. will be crucial in assisting. According to the survey, over half of the tech executives are inclined towards AI over the next three years.
There is nothing as easy as a patch in the metaverse. This is a long-term strategy that involves a lot of work, careful planning, committed teams, and financial support. As the CEO put it.
An article published in Business Insider this year is titled RIP Metal. We hardly knew you.” “Ed Zitron, the CEO of EZPR, asserts that the “once hyped technology” is dead after the business world left.
Builders working on the field also had an extra story in addition to this story. They believed that this technology would afford a new experience for users.
Hello responded that the industry should concentrate on accessibility and interoperability when asked how businesses can guarantee the viability and applicability of metaverse projects:
“The area is quite disjointed. In the same vein, you could also construct a virtual personality for yourself with a name and an avatar that can be used on this site. Whenever you choose to make a trip to a new location you act as another person and a virtual representation. It’s challenging.”
However, each time you walk into a store, you almost have to change your pocketbook and closets all over again. That is nonsensical, Helo clarified.
The executive further clarified that builders should ensure that their metaverse products take into account users, their customers, and the market demand. They should therefore understand whether a particular asset will be the most convenient one for them and what security/privacy features their digital identity contains.
After that, we will have a free society in which individuals can move wherever they want to.
Dubai as Web3 hub: evolving and growing up.
The vision of Dubai and the UAE is the targeting of the global market for crypto industries worldwide. Helou claims that the jurisdiction’s attitude toward cutting-edge technologies has facilitated builders’ realization of their vision:
The legal framework underlying the metaverse is quite conducive and hence favourable for this development despite technology everywhere. Is. Keep out of the region.
Helo believed that the UAE would not take on the industry in the same way as the US Securities and Exchange Commission, which was known as “regulation by enforcement”.
Web 3 projects will not be micromanaged by the regulator because Dubai’s Virtual Assets Regulatory Authority was created to put up such policies, says the executive.