TL; DR
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In May of this year, Business Insider published a report titled: ‘RIP Metaverse, we barely knew you.’
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MetaMinds CEO Sandra Helou said: The lack of tailored business models for enterprises “has been the biggest failure in the metaverse.” And we tend to agree.
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We believe this is true, but it may be less obvious than everyone first thought.
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Where the metaverse can take a leaf out of Google’s book is in creating a product that is so valuable to consumers that they keep coming back again and again.
Full story
In May of this year, Business Insider published a report titled: ‘RIP Metaverse, we barely knew you.’
At the recent Cardano Summit in Dubai, MetaMinds CEO, Sandra Helou, said spoke with Cointelegraph on the state of the metaverse (the thing we call “the 3D version of the Internet”).
She said: The lack of tailor-made business models for enterprises “has been the biggest failure in the metaverse.”
And we tend to agree.
Even the best product in the world would eventually disappear into what Business Insider called “The tech graveyard,” without ultimately coming up with a healthy business model to support it.
Right, so is there any hope for the metaverse left?
Well, yes. First, Meta continues to invest billions of dollars in building out the employee and labor metaverse.
(And if you haven’t seen their progress on the recent Lex Fridman x Zuck podcast, it’s definitely worth it checking out).
Meanwhile, there are countless other exciting companies like Roblox and Voxies that continue to build out the metaverse for the gaming use case.
But is there a business model?
We believe this is true, but it may be less obvious than everyone first thought.
To understand this, think of a company like Google.
Imagine saying to an investor, “Our entire business model is about people being able to navigate away from our website.”
Sounds crazy right?
But where the metaverse can take a leaf out of Google’s book is in creating a product that is so valuable to consumers that they keep coming back.
Attention is today’s greatest currency – and where there is attention, plenty of monetization opportunities follow.