The metaverse may not hold the same appeal for global tech leaders as it did two years ago, with many investments and initiatives facing challenges in the emerging technology. Sandra Helou, CEO of MetaMinds Group, highlighted a lack of tailor-fit business models for enterprises as a major hurdle, emphasizing that short-term gains may not be the right approach. According to Helou, the metaverse demands a significant overhaul in business vision, teams, and models, which many have failed to implement correctly.
KPMG's recent report indicated that only 29% of tech leaders in the United Arab Emirates and 37% globally view the metaverse as a key driver for short-term business success, with many favoring artificial intelligence (AI) over the next three years. Helou stressed that the metaverse is a long-term vision requiring substantial effort, strategy, dedicated teams, and funding.
While some have expressed doubts about the metaverse's viability, builders in the space remain optimistic about its potential to create new user experiences. Helou suggested that addressing issues of accessibility and interoperability is essential for ensuring the longevity and relevance of metaverse projects, eliminating the need to change avatars and identities when transitioning between different platforms.
She emphasized the importance of aligning metaverse product lines with user needs, selecting the right blockchain network and assets, and ensuring digital identity safety and security. Helou believes that achieving these goals will create an interoperable world where users can seamlessly navigate the metaverse.
The UAE, particularly Dubai, has been actively attracting global crypto firms with its crypto-friendly policies. According to Helou, the region's approach to emerging technologies has created favorable conditions for metaverse projects to thrive. She noted that the regulatory environment in Dubai is more accommodating than in some other regions, offering support for Web3 projects without resorting to strict "regulation by enforcement" measures.
With the establishment of Dubai's Virtual Assets Regulatory Authority, the UAE is positioning itself as a promising hub for emerging technologies, fostering an environment conducive to the success of metaverse ventures.
