TL;DR
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Back in May this year, Business Insider published a report titled: ‘RIP Metaverse, We Hardly Knew Ye.’
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MetaMinds CEO, Sandra Helou, said: The lack of tailor-fit business models for enterprises “have been the biggest failure in the metaverse.” And we tend to agree.
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We believe there is, it just 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 the consumer that they come back again and again.
Full Story
Back in May this year, Business Insider published a report titled: ‘RIP Metaverse, We Hardly Knew Ye.’
Then, at the recent Cardano Summit in Dubai, MetaMinds CEO, Sandra Helou, spoke with Cointelegraph about the state of the metaverse (the thing we call ‘the 3D version of the internet).
She said: The lack of tailor-fit business models for enterprises “have been the biggest failure in the metaverse.”
And we tend to agree.
Even the greatest product in the world would eventually fade away into what Business Insider called ‘The tech graveyard’ without eventually figuring out a sound business model to support it.
Right, so is there any hope for the metaverse left?
Well, yes. For one, Meta continues to invest billions of dollars into building out the metaverse for the employee/work use case.
(And if you didn’t see their progress in the recent Lex Fridman x Zuck podcast, it’s well worth checking out).
Meanwhile, there are tons of other exciting companies like Roblox and Voxies who continue to build out the metaverse for the gaming use case.
But is there a business model?
We believe there is, it just may be less obvious than everyone first thought.
To make sense of this, think of a company like Google.
Imagine telling an investor, “our entire business model is for people 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 the consumer that they come back again and again.
Attention is the greatest currency of today – and where there’s attention, plenty of monetization opportunities follow.
