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Vitalik Buterin: The Metaverse of Meta will fail



 Ethereum co-founder Vitalik Buterin believes that large corporations will fail trying to build the Metaverse.


According to Vitalik Buterin , the Metaverse of Meta will not have a future either.


The Russian-born programmer chatted with smart contract developer and Dialectic co-founder Dean Eigenmann on Twitter. Eigenmann believes that while the ideas behind the new concept make sense, they will not be implemented by venture capitalists. "I'd rather hang out in World of Warcraft than be part of this 'Metaverse shit,'" explained Eigenmann.


Buterin then tweeted:


"The 'Metaverse' will come, but I don't think any of the previous corporate attempts to create the Metaverse will lead to anything."


Currently, Facebook's parent company Meta is leading the development of the Metaverse. Facebook rebranded last year and has since fully embraced the Metaverse. However, Vitalik Buterin doesn't think Meta will be successful with the new Metaverse. In another tweet, the 28-year-old wrote:


“Anything Facebook creates right now is going to fail.”



Buterin justified his thesis by saying that "no one really knows" what exactly the metaverse is and what people actually want. For now, the metaverse remains an idea that aims to merge blockchain technology with augmented reality (AR) and virtual reality (VR).


Big Corporations and the Metaverse

While crypto projects like The Sandbox and Decentraland have been able to achieve comparatively great success in the Metaverse space, large companies have also adopted the Metaverse approach as part of their growth strategy. For example, fashion brands such as Adidas and the beer producer Budweiser published their first NFT collections in the new virtual space and have already organized their first virtual events.


However, Meta has by far the most aggressive strategy of any company. The company has invested several million US dollars so far and is even working on its own Metaverse AI . Meta is also willing to take losses in the process, as revealed by CEO Mark Zuckerberg . In the second quarter of 2022, Reality Labs, part of the company's Metaversum arm, realized a loss of around $2.8 billion.


While that may be an argument in favor of Vitalik Buterin's thesis, Mark Zuckerberg remains unfazed by these numbers. Zuckerberg believes the Metaverse will become a multi-billion dollar market:


"The development of these platforms could generate hundreds of billions, if not trillions, in revenue over time."


Vitalik Buterin: Michael Saylor is a clown

Vitalik Buterin, one of the most well-known personalities in the crypto community, has always been critical of many topics from the crypto space.


The Ethereum co-founder criticized PlanB’s stock-to-flow model and the current NFT hype. Additionally, the Ethereum co-founder called Bitcoin enthusiast and MicroStrategy CEO Michael Saylor a “total clown” after he claimed that Ethereum is an unethical security:


“Why do maximalists keep picking heroes who turn out to be total clowns?”



According to Saylor, US securities law is based on the 10 commandments of the Bible. The bitcoin maximalist previously argued that all cryptocurrencies except bitcoin should be classified as securities. Accordingly, according to Saylor, Ethereum is also “inherently immoral”.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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