In an interview with Coingraph, MetaMinds Group CEO Sandra Helou explained the reasons behind the failure of many metaverse projects. According to Helou, metaverse projects require a long-term strategy as the space is still characterised by fragmentation.

Helou suggests that for metaverse projects to be viable, the industry should focus on the user experience by addressing the two key aspects of accessibility and interoperability. The suitable business model would need to align metaverse products with the needs of the users, clients and the market. This would include safe and secure digital identities and a blockchain-based network.

Helou made these remarks in the wake of a recent report by KPMG, which revealed that only 37% of global tech leaders and 29% in the United Arab Emirates see the metaverse as crucial to short-term success. The survey further indicated that most of these tech leaders are more inclined to prioritise AI over the metaverse in the coming three years.

Regardless of these figures, Dubai and the UAE are considered as emerging Web3 hubs due to crypto-friendly jurisdiction. The Virtual Assets Regulatory Authority of Dubai understands to avoid micromanaging the industry. It is very different to the US Securities and Exchange Commission. Which follows a 'regulation by enforcement' policy approach, according to Helou.