Vitalik Buterin critiques the future of Meta's Metaverse
Ethereum co-founder Vitalik Buterin has voiced his views regarding Meta and the idea of the Metaverse . He mentioned on Twitter that the social media giant is jumping the gun when it comes to Metaverse advancements.
Responding to Dean Eigenmann, a co-founder of Dialect, Buterin is of the opinion that the current endeavors from major tech firms to construct a Metaverse are not leading ‘anywhere’ since it’s still too early to discern what users genuinely desire. However, he remains optimistic that the Metaverse will eventually come to fruition.
In his critique, Buterin pointed out the notion of a 'corporate' Metaverse, which likely overlooks thriving decentralized virtual world platforms like Decentraland and The Sandbox.
He tweeted, 'It’s that we don’t really know what ‘the metaverse’ encompasses at this stage; it’s far too soon to ascertain what users truly want. Therefore, anything Facebook devises now is bound to misfire.'
As a prominent figure in the cryptocurrency realm, Buterin’s perspective diverges significantly from that of investment bank Citi, which earlier this year forecasted that the Metaverse sector might hold a valuation of $13 trillion by the year 2030. reported Since October 2021, Meta has been actively investing in and developing its vision of the Metaverse. Back in 2014, Facebook acquired Oculus for $2 billion, a pivotal player in creating VR headsets that are integral to the Metaverse experience.
According to Zuckerberg 'I envision the Metaverse as the next evolution of the internet. Although we are perceived as a social media entity today, our essence is rooted in technology that connects people, and the Metaverse represents the next frontier,' he mentioned last year as he outlined Meta's transformative ambitions.
The company's Metaverse division, Reality Labs, recently reported a staggering quarterly loss of $2.8 billion. Additionally, Meta plans to raise the price of the Oculus Quest 2 headset from $299 to $399. said Vitalik Buterin, Co-founder of Ethereum
Last week, Meta announced Instagram's move into NFTs – implications for Web3 growth?
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