The legendary Ethereum developer, Vitaik Buterin, believes that Facebook metaverse will fail because the company doesn’t have what it takes to build a metaverse.
In a tweet, the successful cryptocurrency developer believes any company that attempts to build the metaverse is setting itself up for failure. According to him, “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.”
On Sunday, Mr Vitalik expressed his opinion about the industry’s possible direction expressing pessimism about the probability of the existing companies building a Metaverse successfully, although he believes that the concept will soon become a reality.
Late last year, Facebook was renamed Meta to embrace the Metaverse concept. Considering its billions of active monthly users, Facebook or Meta is unarguably the most popular corporate organization with a keen interest in the Metaverse.
In his response to a tweet, he noted that “Anything Facebook creates now will misfire.” In his opinion, “It’s far too early to know what people actually want.”
Ethereum shot Mr Vitalik to stardom and he has been widely outspoken about his project as it becomes increasingly popular among crypto investors and critics. He has dedicated his Twitter account and blog to talking about Ethereum technology and the potential decentralization’s impact on the world.
His tweets and blog articles have been devoted to these technologies and NFTs, explaining his surprise at the NFT’s huge popularity in 2021. However, he’s never been too keen on discussing Metaverse.
What is Metaverse?
People have a huge expectation about the Metaverse. They consider it a multipurpose next-generation Internet where users can perform multiple tasks such as playing, working, communicating, or transactions in realistic virtual environments. They believe it’s a combination of Virtual Reality (VR), Blockchain, and Augmented Reality (VR).
Although they seemingly have a clear idea of what this technology entails, Metaverse is nothing short of a vague idea. Recently, several games such as The Sandbox and Decentraland have been created to capture the essence of the Metaverse environment.
As cryptocurrency peaked in 2021, large companies such as Meta, Adidas, and Coca-Cola invested heavily in virtual properties. In October of the same year, Facebook CEO, Mark Zuckerberg, rebranded to Meta, catching up on the Metaverse buzz. He has since then reiterated his commitment to the virtual world as he unveiled plans to promote non-fungible tokens (NFTs) on Instagram and Facebook.
He eventually pledged a $10 billion investment in Reality Labs, Meta’s Metaverse division, although the company’s present financial situation has prevented that from materializing, supporting Vitalik’s claim that Facebook metaverse will fail because Meta isn’t ready for the Metaverse.