Meta’s metaverse is doomed, says Vitalik Buterin

The one who was still called Facebook has recently bet on the metaverse: it has renamed itself “Meta” and has allocated a considerable part of its budget to the domain. But is this doomed to failure? Yes, according to Vitalik Buterin, the creator of the Ethereum (ETH) network. What are his arguments?

The Meta project will not work according to Vitalik Buterin

Whether the word “metaverse” is in vogue right now, it is also the subject of much debate. Especially with regards to its usefulness and the interest it can have for consumers. This is where it bounced back Vitalik Buterinwho spoke about the initiatives of Half in a Twitter thread.

According to him, the metaverse as a concept is here to stay, but not necessarily company initiatives:

The “metaverse” will happen, but I think attempts by companies that try to intentionally create a metaverse will go nowhere.

In question, according to the creator of the Ethereum network, a definition that remains rather vague. Early studies on the subject prove it: potential future users of the metaverse just don’t know what it is. And even within the ecosystem, its definition is hotly debated.

👉 To understand everything on the ground – Metaverse: virtual worlds based on blockchain and NFT

Exchange no. 1 in the world – Regulated in France

Binance

-10% discount on fares with the code SVULQ98B 🔥

toaster icon

Investing in cryptocurrencies is risky (find out more)

A solution to a non-existent problem?

According to Vitalik Buterin, no one knows at this point what the metaverse actually isand what uses will be democratized. Hence a clear conclusion:

Everything Facebook creates at this point will be doomed.

The creator of Ethereum takes up an often-heard critique in the ecosystem, with one question: are companies creating solutions to problems that do not exist ?

For now, the first feedback from potential users seems to be moving in this direction. A study released last week showed that most consumers simply don’t understand what the metaverse is. and what his interest might be. And Meta’s domain division suffered a substantial loss last quarter: $ 2.81 billion. However, we note the considerable weight of research and development, which tends to undermine these results.

However, the sector could represent a particularly high turnover in the years to come. Some consider it that way $ 800 billion by 2024. The McKinsey company is even more optimistic, as it estimates that the metaverse sector will weigh in at $ 5 trillion by 2030. Any mass adoption that goes through education will therefore need the general public to take over the area more. this happens.

👉 Related – Meta’s Metaverse division lost $ 2.81 billion this quarter

published by editions Larousse

toaster icon

Source: Vitalik Buterin via Twitter

Newsletter 🍞

Get a cryptocurrency news summary every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to cryptocurrencies are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This article does not constitute investment advice.

Leave a Comment