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Vitalik Buterin thinks Facebook’s Metaverse will be difficult to succeed

Vitalik Buterin added that he doesn’t think “any attempt by the current company to intentionally create the metaverse will be successful”.

Vitalik Buterin Not Convinced By Facebook’s Metaverse

Vitalik Buterin thinks that any company trying to build the Metaverse today is going to make mistakes.

Yesterday (July 31), the Ethereum Founder shared his views on where the fledgling space could head on Twitter. He thinks that companies that are trying to create the Metaverse, will have a hard time succeeding in their efforts. Vitalik Buterin added that he doesn’t think “any attempt by the current company to intentionally create the metaverse will be successful”.

Without a doubt, the most notable company to show an interest in Metaverse to date is Meta, the parent company of Facebook that rebranded as part of a shift to embrace Metaverse late last year. . Buterin named Meta in his critique of businesses entering the Metaverse space.

Anything Facebook creates now will be a mistake,” he wrote in response to a tweet, arguing that companies focusing on Metaverse will likely fail because “it is too early to know everyone.” What do you really want?

Vitalik Buterin has been known for his outspoken personality as his public profile has grown with Ethereum over the years, although he often uses his Twitter account and blog to discuss his technology. Ethereum and how decentralization can affect the world. Although he has commented extensively on the NFT in the past, its explosive growth in 2021, and subtle delvings into the speculative side of the market, he nevertheless rarely discusses the Metaverse.

Next Generation Internet

Although still a vague concept, Metaverse is widely used to refer to a next-generation Internet in which users will be able to work, play, and connect with others in an imported virtual world. shoulder. It is believed that Metaverse will combine elements of augmented reality, virtual reality and blockchain technology. Hit MMPORG releases like Fortnite and Runescape have been described as early examples of the Metaverse world, but in recent years, crypto-based titles like Decentraland and The Sandbox have successfully embraced Metaverse space.

Both games allow players to own digital lands and explore virtual worlds. They also incorporate their own tokens, which crypto enthusiasts believe will be key to the future Metaverse. NFTs are also frequently discussed in tandem with Metaverse as they can be used to represent online characters, virtual lands, or other in-game items, giving the player real ownership. for their property.

Several major corporations announced the Metaverse as the crypto bull cycle peaks in 2021, with Adidas and Coca-Cola acquiring digital land, NFTs, and hosting their own virtual parties. surname. Metaverse hype peaked in October when Zuckerberg announced Meta, and the company has indicated it’s been poised to double down on the space ever since, including a sharing plan to support NFT on Facebook and Instagram.

Zuckerberg said that the company’s Metaverse arm, Reality Labs, would raise $10 billion but then it reported an 11-figure loss in 2021. The year didn’t go better, either, with Meta disclosed its first revenue decline and $2.8 billion loss for Reality Labs in its Second Quarter earnings report this past Wednesday (July 27). In other words, based on the numbers, the company still has a long way to go to prove Vitalik Buterin wrong.