The co-founder of Ethereum, the second largest cryptocurrency, has expressed his thoughts on why he believes the Facebook metaverse project will fail.
On July 31, 2022, Buterin stated in a tweet in response to Dialectic co-founder Dean Eigenmann that Metaverse-focused companies’ projects are not “going anywhere.”
Vitalik Buterin tweeted, “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.”
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
Why Vitalik Buterin Thinks Facebook’s Metaverse Will Fail?
In the same thread of tweets, Ethereum co-founder stated that Facebook is trying to delve into a sector nobody understands yet. So, any attempt for the company to create anything related to Metaverse now will fail.
Vitalik noted, “My critique is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. It’s that we don’t really know the definition of “the metaverse” yet, it’s far too early to know what people actually want. So anything Facebook creates now will misfire.”
My critique is deeper than "Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica". It's that we don't really know the definition of "the metaverse" yet, it's far too early to know what people actually want. So anything Facebook creates now will misfire.
— vitalik.eth (@VitalikButerin) July 31, 2022
For quite some time, the metaverse has been the talk of the town. It is a virtual reality world in which users can interact and experience things just like they would in real life.
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The lawsuit highlights an unsettling reality for Meta as it expands its virtual world conquests. the obstacles are piling up. The term “metaverse” may have been popularized by Zuckerberg (it was first used in the 1992 novel sci-fi Snow Crash), but despite Meta’s head start, the company faces threats from all sides: regulators, competitors, moderation issues, and a weary ecosystem of potential partners put off by years of Facebook-related baggage.
It should be noted that in October, Meta changed its name from Facebook to Meta. Facebook’s attempt to rename itself was to align with the company’s focus on creating the metaverse, which CEO Mark Zuckerberg clearly sees as a reality sooner or later. And Facebook, which also owns the Oculus VR gaming platform, doesn’t want to be left out of the metaverse race. The rebranding came after the company paid $2 billion for Oculus, a company that makes VR headsets with a focus on gaming, in 2014.
Meanwhile, the company reported its first-ever revenue decline on Wednesday, a significant blow given that Facebook’s juggernaut advertising machine fuels its metaverse ambitions.