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. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
The creator of Ethereum share his take on where this burgeoning Twitter space could go on Sunday, saying he thinks companies trying to create the metaverse are unlikely to succeed. Although he admitted that he thinks the metaverse “will happen“, he added that he does not think”none of the current attempts by companies to intentionally create the Metaverse will go nowhere.”
Arguably, the most significant company to show interest in Metaverse to date has been Meta, Facebook’s parent company which changed its name as part of a move to embrace Metaverse at the end of last year. Mr. Buterin quoted Meta in his criticism of companies entering space. “Everything Facebook Creates Now Will Fail“, he wrote in response to a tweet, saying that metaverse-focused companies would likely fail because “it’s way too early to know what people really want“.
Vitalik Buterin has become known for his outspokenness as his public profile has grown with Ethereum over the years, although he often uses his Twitter account and blog to discuss Ethereum technology and the impact that decentralization could have on the world. Although he has commented on NFTs at length in the past, indicating that he was surprised by the 2021 boom and subtly lashing out at the speculative aspect of the market, he rarely spoke about the metaverse.
The next generation internet
Although still a vague concept, metaverse is widely used to refer to a next-generation Internet where users will be able to work, play, and connect with others in immersive virtual worlds. It is believed that the metaverse will incorporate elements of augmented reality, virtual reality and blockchain technology. Hit MMPORG games such as Fortnite and Runescape have been described as early examples of metaverse worlds, but in recent years crypto titles such as Decentraland and The Sandbox have successfully embraced the metaverse space. Both of these games allow players to own digital plots of land and explore virtual worlds. They are also integrating their own tokens, which crypto enthusiasts believe will be key to the metaverse in the future. NFTs are also frequently discussed in tandem with this space, as they can be used to represent online characters, virtual lands, or other in-game objects, giving players true ownership of their assets.
Several large companies have announced that they will be integrating into the metaverse as the rise of cryptocurrencies reaches its peak in 2021, with companies like Adidas and Coca-Cola acquiring digital land. The metaverse craze peaked when Zuckerberg announced Meta and the company has signaled that it is ready to step up its efforts in this space on several occasions since, including sharing plans to support NFTs on Facebook and Instagram. Zuckerberg said the company’s metaverse arm, Reality Labs, would pump $10 billion into the space after the announcement, and then announced an 11-figure loss in 2021. This year hasn’t turned out much fared better, with Meta disclosing its first drop in revenue and a $2.8 billion loss for Reality Labs in its second-quarter earnings report on Wednesday. In other words, based on the numbers, the company still has a long way to go to prove Vitalik Buterin wrong.