Ethereum co-founder, Vitalik Buterin today, July 31, said that corporate attempts at the metaverse will be unsuccessful. He said that Facebook’s metaverse would “misfire”. Dean Eigenmann, a blockchain auditor, had tweeted his response. Let’s have a closer look at Vitalik Buterin’s comments about corporate attempts to build metaverses.
What did Vitalik Buterin say about corporate attempts at the metaverse?
Yesterday, Eigenmann tweeted that they were “struggling” to formulate their thoughts on the metaverse. “All the ideas on concepts make sense…but I still do not believe it will happen in the ways VCs are currently funding.”
“I’d rather hang out in world of warcraft than half of this “metaverse” crap,” Eigenmann added.
In response, Ethereum co-founder, Vitalik Buterin wrote, “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.”
“My critique is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica””, he further tweeted. “So anything Facebook creates now will fail.” So anything Facebook creates now will misfire.”
Corporates and the metaverse
Since early last year, a slew of corporate organizations has hopped on the metaverse bandwagon. Facebook, for instance, rebranded itself to Meta to build a metaverse in October 2021. Soon after, Microsoft revealed its metaverse plans. What’s more, NFTs are now available on Facebook and Instagram. Unfortunately, Reality Labs, Facebook’s metaverse unit, lost $2.8 billion in Q2 2022.
As Vitalik Buterin wrote, there’s still a lot of confusion about what exactly a metaverse is. Many community members supported his metaverse views. However, others disagree.
“The “wrong” step is a necessary milestone on the path to a better metaverse,” tweeted Ser Jeff Garzik.
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Reethu Ravi is a journalist based in India, covering environment, sustainability, tech and innovation. She can often be found catching up with the latest developments in tech when she is not reading a book. She is a journalist and naval architect who loves to bring stories of innovation and change to the forefront.