Vitalik Buterin says Facebook’s metaverse attempt will fail

Ethereum co-founder Vitalik Buterin believes that companies’ attempts to build in the metaverse will fail.

Buterin said this while responding to Dean Eigenmann’s opinions that pointed out that “while the ideas about the metaverse concept make sense, he doesn’t think it will happen with venture capital funding.”

“I’d rather hang out in World of Warcraft than half that ‘metaverse’ shit.

Added Eigenmann.

In response, Vitalik tweeted: “The metaverse” is going to happen, but I think that none of the companies’ existing attempts to intentionally create the metaverse will get anywhere.”

Source : Twitter

Buterin says Facebook’s metaverse will fail

Currently, Facebook’s parent company, Meta, leads corporate interest in creating the metaverse after renaming its entire business around the concept.

But Vitalik doesn’t think the move will be a success for the company. He mentioned the company saying, “Anything Facebook creates now will fail.”

Source : Twitter

Buterin, one of the most popular figures in the crypto community has also become one of the voices of the industry. He recently commented on various issues ranging from the S2F model of Plan B 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 is primarily focused on the concept and construction of augmented and virtual reality technology on the blockchain. But, the actual idea of ​​the metaverse remains vague.

Enterprise Organizations in the Metaverse

While crypto projects like The Sandbox et Decentralized have had relative success in this space, large companies have also adopted the metaverse approach as part of their growth strategy.

Brands Fashion brands like Adidas and beer makers like Budweiser have released NFTs and hosted events in the virtual space.

However, Facebook has more than doubled its metaverse efforts to stay ahead of emerging trends.

Recently, the company revealed that its metaverse unit, Reality Labs, had lost $2.8 billion in the second quarter of 2022.

While this may prove Buterin’s point, Mark Zuckerberg is unbothered and remains focused on long-term gains.

According to him,

The development of these platforms [métavers] could unlock hundreds of billions or even trillions of revenue over time.

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