Even though the Metaverse is still just an idea, the person who made Ethereum said that he thinks it would be hard for companies like Facebook to build it. Buterin doesn’t care about Meta’s Metaverse.
Vitalik Buterin thinks that any company that tries to build the Metaverse right now will fail.
Early on Sunday morning, the person who works on Ethereum posted on Twitter his ideas about where the young industry might go. He said that he thinks businesses that try to build the Metaverse won’t be very successful. He said that the Metaverse “is going to happen,” but he also said that “any of the existing corporate attempts to intentionally create the metaverse are going anywhere.”
Meta, the company that owns Facebook, changed its name to embrace the Metaverse at the end of last year. Meta is definitely the most well-known corporate actor who has shown interest in the Metaverse so far. Buterin called out Meta by name when he said he didn’t like how corporations were getting into the market. In response to a tweet, he wrote, “Anything Facebook creates now will misfire,” he wrote in response to a tweet, arguing that Metaverse-focused companies would likely fail because “it’s far too early to know what people actually want.”
Buterin has become known for being outspoken as Ethereum and his public profile have grown, even though he often talks about Ethereum’s technology and how decentralization may affect the world on his blog and Twitter account. Even though he has said a lot about NFTs in the past, including how surprised he was by the 2021 boom and how he didn’t like the speculative side of the industry, he rarely talks about the Metaverse.
The Internet of Tomorrow
People often use the word “Metaverse” to talk about a next-generation Internet where people would be able to work, play, and talk with each other in realistic virtual environments. However, this is still a pretty vague idea. People think that the Metaverse will combine blockchain, virtual reality, and augmented reality in some way. But in the last few years, games like Decentraland and The Sandbox have become popular because they use the Metaverse environment. People have used popular MMORPGs like Fortnite and Runescape as early examples of Metaverse worlds. In both games, players can explore digital landscapes and have their own digital plots of land. They also have their own currencies, which experts in cryptocurrency say will be important to the future of the Metaverse. NFTs are often talked about along with the space because they can be used to represent online characters, virtual properties, or other in-game things and give users real ownership of their assets.
As the cryptocurrency boom reached its peak in 2021, a number of large companies started Metaverse projects. Companies like Coca-Cola and Adidas bought virtual properties, stopped using NFTs, and put on their own virtual events. When Zuckerberg unveiled Meta in October, the buzz around the Metaverse reached its zenith. Since then, the company has repeatedly shown that it is prepared to invest more heavily in the area, notably by outlining plans to promote NFTs on Facebook and Instagram.
After the announcement, Zuckerberg promised that Reality Labs, the company’s Metaverse division, would invest $10 billion in the field; however, Reality Labs subsequently disclosed an 11-figure 2021 deficit. The situation hasn’t improved much this year either; on Wednesday, Meta released its second-quarter financial report and disclosed its first sales decline and a $2.8 billion loss on Reality Labs. To put it another way, the firm still has a long way to go to disprove Buterin based on the data.