The "metaverse" is going to happen but I don't think any of the existing corporate attempts to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
The creator of Ethereum sharing his take on where this burgeoning Twitter space might go on Sunday, saying he thinks companies looking to create the metaverse are unlikely to be successful. Even though she admitted to thinking about the metaverse “it will happen“, He added that he does not think”none of the current attempts by companies to intentionally create the Metaverse will go nowhere.“
Arguably, the most significant company to show interest in Metaverse to date has been Meta, Facebook’s parent company that changed its name as part of a move to embrace Metaverse late last year. Mr. Buterin quoted Meta in his critique of companies entering space. “Everything Facebook creates now will fail“he wrote in response to a tweet, saying that metaverse-focused companies would likely fail because”it’s too early to know what people really want“.
Vitalik Buterin has become famous for his outspokenness as his public profile has grown with Ethereum over the years, although he often uses his Twitter account and blog to discuss Ethereum’s technology and the impact decentralization could have. on the world. Although he has long commented on NFTs in the past, indicating that he was surprised by the 2021 boom and subtly lashing out at the speculative aspect of the market, he rarely spoke of the metaverse.
Next Generation Internet
While still a vague concept, metaverse is widely used to refer to a next generation internet where users will be able to work, play and connect with others in immersive virtual worlds. The metaverse is believed to incorporate elements of augmented reality, virtual reality, and blockchain technology. Successful MMPORG games like Fortnite and Runescape have been described as early examples of metaverse worlds, but cryptographic titles like Decentraland and The Sandbox have successfully embraced the metaverse space in recent years. Both of these games allow players to own digital plots of land and explore virtual worlds. They are also integrating their own tokens, which cryptocurrency enthusiasts believe will be the key to the metaverse in the future. NFTs are also often discussed alongside this space, as they can be used to represent online characters, virtual lands, or other in-game items, giving players true ownership of their resources.
Several large companies have announced that they will integrate into the metaverse when the rise of cryptocurrencies reaches its peak in 2021, with companies like Adidas and Coca-Cola acquiring digital territory. The metaverse craze peaked when Zuckerberg announced Meta, and the company signaled that it is ready to step up its efforts in this space on several occasions, including sharing plans to support NFTs on Facebook and Instagram. Zuckerberg said the company’s metaverse arm, Reality Labs, would pump $ 10 billion into space after the announcement, then announced an 11-figure loss in 2021. This year hasn’t fared much better, with Meta having revealed its first revenue drop and a $ 2.8 billion loss for Reality Labs in its second quarter earnings report on Wednesday. In other words, based on the numbers, the company still has a long way to go to prove Vitalik Buterin wrong.