important point
- Vitalik Buterin says companies like Facebook’s Meta that are currently trying to build the Metaverse will fail in their efforts.
- Ethereum’s creators believe the Metaverse “will happen,” but said it’s still too early for companies to know what it will look like.
- Meta shows it’s committed to the Metaverse since rebranding from Facebook, but its latest earnings report shows it still has a long way to go to succeed.
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Buterin said he doubts “attempts by existing companies” to create a metaverse will succeed.
Buterin unconvinced by meta’s metaverse
Vitalik Buterin I believe that any company trying to build a metaverse today will fail.
The “metaverse” is about to happen, but I don’t believe that existing companies’ attempts to deliberately create a metaverse are going nowhere. https://t.co/tVUfq4CWmP
—vitalik.eth (@VitalikButerin) July 30, 2022
creator of ethereum share He believes companies trying to create a metaverse are unlikely to succeed in their efforts. “We don’t think existing companies’ attempts to create
Arguably the most prominent corporate player to show interest in the metaverse so far is Meta, Facebook’s parent company, which rebranded as part of a transition to adopt the metaverse late last year. Buterin named Meta in his criticism of companies entering the space. “Whatever Facebook is building now is going to fail,” he wrote in response to the tweet, adding that “it’s too early to know what people actually want.” He argued that the company that had won it was likely to fail.
Having made a name for himself on Ethereum over the years, Buterin has become known for his outspoken personality. often do. While he has commented at length on his NFTs in the past, noting that he was surprised by the 2021 boom and subtly delved into the speculative side of the market, he rarely talks about the metaverse. I did.
next generation internet
The Metaverse is still a nebulous concept, but the term is widely used to describe the next generation of the Internet, where users can work, play, and connect with others in immersive virtual worlds. The Metaverse is expected to incorporate elements of augmented reality, virtual reality and blockchain technology. Hit MMPORG releases such as Fortnite and Runescape have been described as early examples of the Metaverse world, but in recent years Cryptonative titles such as Decentraland and The Sandbox have successfully embraced the Metaverse space. Both games allow players to own parcels of digital land and explore virtual worlds. It also incorporates a proprietary token that crypto enthusiasts believe will be key to the future metaverse. NFTs are often discussed alongside spaces, as they can be used to represent online characters, virtual lands, or other in-game items, giving players true ownership of their assets.
As the cryptocurrency bull market peaks in 2021, several major companies are heading to the metaverse, with companies like Adidas and Coca-Cola acquiring Digitalland, dropping NFTs, and hosting their own virtual parties. announced the play of The Metaverse hype peaked in his October when Zuckerberg announced Meta, and the company has since been poised to double down on the space, including sharing plans to support his NFTs on Facebook and Instagram. I have shown that it is done. Zuckerberg said Reality Labs, the company’s Metaverse arm, will put $10 billion into the space following the announcement, reporting an 11-digit loss in 2021. Meta reported a second-quarter profit on Wednesday. The earnings call hasn’t been all that great this year, revealing an initial drop in revenue and a $2.8 billion loss at Reality Labs. In other words, based on the numbers, the company still has a long way to go to prove buterin wrong.
Disclosure: At the time of writing, the author of this work owned ETH and several other cryptocurrencies.
