Failure of Metaverse projects happens due to lack of correct business model. Sandra Peach, CEO of MetaMinds Group, argues that the failure of metaverse initiatives stems from a lack of appropriate business models.
Compared to two years ago, the metaverse may no longer be the main attraction for some global technology leaders. However, the weakness in testing different investments and initiatives in emerging technology may lead to the failure of some of them.
Sandra Helo said: The lack of suitable business models for companies has been the biggest failure in Metaverse. He said: “When it comes to using technology like Metaverse, this in itself requires a massive rethink and change in business landscape, teams and business models.” The biggest thing we see is people not getting their business model right. That is why many of them failed.
Helou’s comments came after KPMG recently published a report showing that only 29% of technology leaders in the UAE and 37% globally believe that the metaverse plays an important role in helping their business achieve short-term success. will serve the term. According to this survey, most technology leaders are leaning towards artificial intelligence (AI) in the next three years.
Metaverse is a long-term vision
Metaverse is not for short term goals. This is definitely a long-term vision that requires a lot of effort, a lot of strategy, dedicated teams and budget.
Earlier this year, Business Insider published a report titled RIP Metaphor, We Almost Didn’t Know You. An article written by EZPR CEO Ed Zitron claims that the once-fringe technology is dead after being abandoned by the business world.
However, that narrative didn’t faze developers in the space, who were mostly optimistic about the technology’s potential to create new user experiences.
When asked how companies can ensure the longevity and relevance of Metaverse projects, Helu said the industry needs to focus on accessibility and interoperability.
Every time you enter a store, you have to change your physical wallet and the clothes you wear. It just doesn’t make sense, Peaches explained.
The executive explained that developers need to ensure that Metaverse product lines are aligned with what users, their customers and the market need, including the right blockchain network, assets to use and understanding of the safety and security behind digital identities. He added: “We really believe that once you get it right, you can build an interactive world.” In it everyone can move around freely.