Ethereum co-founder Vitalik Buterin believes that companies’ attempts to build in the metaverse will fail.
Buterin said this while responding to Principal Eigenmann’s views that he pointed this out “While the ideas about the metaverse concept make sense, he doesn’t think it will happen with venture capital financing.”
“I’d rather be in World of Warcraft than half of that ‘metaverse’ shit.
In response, Vitalik tweeted: “The metaverse” will happen, but I don’t think any of the existing attempts by companies to intentionally create the metaverse will go anywhere. “
Buterin says Facebook’s metaverse will fail
Currently, Facebook’s parent company Meta is driving corporate interest in building the metaverse after renaming the entire business around the concept.
But Vitalik doesn’t think the move will be a success for the company. He mentioned the company saying, “Everything Facebook creates now will fail.”
Buterin, one of the most popular figures in the cryptocurrency community, has also become one of the voices in the industry. She recently commented on various issues ranging from Plan B’s S2F model to the NFT boom.
However, this is one of the few times Buterin has commented on the metaverse. After his statements, many members of the community showed their agreement with his point of view.
The metaverse mainly focuses on the concept and construction of augmented and virtual reality technology on the blockchain. But the real idea of the metaverse remains vague.
Corporate Organizations in the Metaverse
While crypto projects like The Sandbox and Decentraland have had relative success in this space, large companies have also embraced the metaverse approach as part of their growth strategy.
Fashion brands like Adidas and breweries like Budweiser have released NFTs and organized events in the virtual space.
However, Facebook has more than doubled down on its metaverse efforts to keep up with emerging trends.
Recently, the company revealed that its metaverse unit, Reality Labs, lost $ 2.8 billion in the second quarter of 2022.
While this may prove Buterin’s point, Mark Zuckerberg doesn’t care and remains focused on long-term gains.
In his opinion,
The development of these platforms [métavers] it could unlock hundreds of billions or even trillions of revenue over time.
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