Vitalik Buterin Ethereum

The co-founder of Ethereum, Vitalik Buterin, has come out to pen his thoughts about the metaverse. Buterin believes it is too early for corporates to enter the metaverse, as they do not know what people want. He also added that Meta’s plan for the metaverse would misfire.

Vitalik Buterin says Meta’s pursuit of the metaverse will misfire

In a Twitter thread discussing the metaverse, Buterin criticized Meta’s goal of the metaverse. He said that the company’s plan for the metaverse would “misfire” because there is no definite explanation of what the term “metaverse” actually means.

Buterin also discussed how the metaverse would look. He said that the current metaverse projects launched by corporates were not promising. He specifically talked about Meta, formerly Facebook, that rebranded in October last year as it focused on metaverse initiatives.

The metaverse is touted as the next stage in internet development, and it has a huge role to play in the advancement of web 3.0 & crypto spaces. The metaverse is centered on an immersive 3D world, and it enables people to interact through virtual and augmented reality.

Buterin’s criticism of the metaverse is only about how corporates view the space. He acknowledged that metaverse offerings were a step further toward the progress of the current technology and that “the metaverse is going to happen.” However, he does not see any recent corporate attempts to venture into the sector going anywhere.

Meta started its official pursuit of the metaverse in October 2021 after the company rebranded from Facebook to Meta. The company’s CEO, Mark Zuckerberg, has been championing metaverse offerings and said that Meta’s commitment was to creating technology that will connect people, with one of the ways to do this being the metaverse.

Despite Zuckerberg’s big vision for Meta’s metaverse offerings, the latest earnings report from the company showed that Facebook Reality Labs, which is Meta’s metaverse dedicated division, made a loss of $2.81 billion during the second quarter.

The growth of the metaverse

The term metaverse originates from the “Snow Crash” science fiction novel by Neal Stephenson in 1992. It refers to a universe created by a computer, where a character can view it through earphones and goggles.

The metaverse has become one of the most talked about sectors, with platforms such as Decentraland and The Sandbox recording many users, including corporates seeking to offer their clientele exposure to the industry.

However, there has been contention between crypto and non-crypto entities about the metaverse. Recently, several Web3 companies joined to create standards for the metaverse, while Web2 companies like Meta and Microsoft formed a separate alliance.

Moreover, new metaverse projects are also coming up. Battle Infinity is a metaverse-based fantasy sports platform that has recorded notable growth within a few days of its native IBAT token being launched. Battle Infinity is set to compete with its predecessors like Axie Infinity, The Sandbox and Decentraland.

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