Vitalik Buterin says Meta’s Metaverse will misfire
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Ethereum co-founder Vitalik Buterin has shared his opinion about Meta and the concept of the Metaverse. He stated on Twitter that the social media giant is getting ahead of itself with Metaverse innovation.
Buterin, responding to a tweet by Dialect co-founder Dean Eigenmann, believes that current efforts by big tech companies to create a Metaverse aren’t going “anywhere” because “it’s far too early to know what people actually want.” On the other hand, he believes the Metaverse will happen eventually.
In his criticisms, Buterin mentioned the “corporate” Metaverse, which probably excludes successful decentralized virtual world projects such as Decentraland and The Sandbox.
“It’s that we don’t really know the definition of ‘the metaverse’ yet, it’s far too early to know what people actually want. So anything Facebook creates now will misfire,” he tweeted.
Buterin, one of the most significant figures in the crypto space today, doesn’t share the same opinion as the investment bank Citi: earlier this year, Citi reported that the Metaverse industry could already be worth $13 trillion by 2030.
Meta actively began to invest in the Metaverse and develop its virtual world in October 2021. In 2014, when Facebook purchased Oculus for $2 billion, a company that creates VR headsets for gaming, a crucial component of the Metaverse.
“I believe the Metaverse is the next chapter for the internet. Today, we’re seen as a social media company, but in our DNA, we are a company that builds technology to connect people, and the Metaverse is the next frontier,” Zuckerberg said last year when he revealed Meta’s new journey.
Last week, Meta announced a $2.8 billion quarterly loss on its Metaverse-VR division, Reality Labs. The company is also set to raise the price of the Oculus Quest 2 headset from $299 to $399.
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