Vitalik Buterin says that Facebook's Metaverse will fail

Vitalik Buterin says Facebook’s Metaverse will fail – Mail Bonus


Even though Metaverse is still just an idea, the creator of Ethereum said he thinks it will be difficult for a company 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 now will fail.

Early Sunday morning, someone who works on Ethereum posted on Twitter his thoughts on where the young industry could go. He said he doesn’t think companies trying to build the Metaverse will be very successful. He said that the Metaverse is “going to happen,” but he also said that “any current attempt by companies to intentionally create a metaverse is going anywhere.”

Meta, the company that owns Facebook, changed its name to adopt Metaverse at the end of last year. Meta is definitely the most prominent corporate player to show interest in the Metaverse so far. Buterin called Meta a name when he said he didn’t like the way companies were entering the market. In response to a tweet, he wrote: “Anything Facebook creates now will go bad,” he wrote in response to a tweet, arguing that companies focused on the Metaverse would likely fail because “it’s way too early to know what people really want.

Buterin has become known for his outspokenness as Ethereum and his public profile have grown, even though he often talks about Ethereum’s technology and how decentralization could 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 boom in 2021 and how he didn’t like the speculation in the industry, he rarely talks about the Metaverse.


The Internet of tomorrow

People often use the word “Metaverse” to talk about the next generation of the Internet where people could work, play and talk to each other in a realistic virtual environment. However, this is still a rather vague idea. People think that 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 at home. In both games, players can explore digital landscapes and own their own digital plots. They also have their own currencies, which cryptocurrency experts say will be important for the future of the Metaverse. NFTs are often referred to along with space because they can be used to represent online characters, virtual properties, or other in-game items, giving users real ownership of their assets.

When the cryptocurrency boom peaked in 2021, several large companies launched the Metaverse project. Companies like Coca-Cola and Adidas bought virtual assets, stopped using NFTs and set up their own virtual events. When Zuckerberg unveiled Meta in October, the buzz around the Metaverse reached its peak. Since then, the company has repeatedly shown that it is ready to invest more in the area, notably by announcing 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 posted an 11-digit deficit in 2021. The situation hasn’t improved much this year either; On Wednesday, Meta released its second-quarter financial report, posting its first sales decline and a $2.8 billion loss at Reality Labs. To put it another way, the company still has a long way to go to disprove Buterin based on the data.

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