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.

Read Also: World’s Largest Metaverse Builder Community SandStorm Launches Build Proposals for Brands

Facebook Parent company, Meta slammed with a lawsuit

The Federal Trade Commission filed an antitrust lawsuit against Meta on Wednesday, seeking to halt its acquisition of Within, the maker of the popular fitness app Supernatural.

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.

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Meanwhile, cryptocurrency exchange Hoo is also preparing for the coming of the metaverse age. New initiatives are being made in the areas of a metaverse in terms of token listing, investment, and Hoo Smart Chain.

The metaverse has been a hot spot for technology companies and investors recently. In Zuckerberg’s presentation, he said that Facebook renames itself Meta to reflect the positioning of the company and the platform they want to build in the future. The current brand is too closely related to one product (the Facebook platform). But in the future, they want to be seen as a metaverse company.

Behind the rebrands of Facebook, it is not only the company’s ambition to face new trends, but also a reluctant move to cope with the crisis.

In recent years, Facebook’s negative news about antitrust, youth protection, data security, and privacy issues have continued to make the brand’s image in the public’s mind deteriorate. According to incomplete statistics, in 2021, Facebook received huge fines from the UK, the US, Russia, and other countries, with a cumulative amount of over $1.6 billion. In addition to the pressure and risks from the regulatory level, Facebook recently experienced a global downtime of up to 7 hours, which led to Facebook and its sub-application groups not being able to log in and use normally. Several unfavorable factors have already caused Facebook’s share price to take a big dive. Therefore, Facebook was surrounded by various negative news at this time and the existing brand image is hard to repair. In this case, renaming itself is a good choice to complete a strategic and brand upgrade and achieve rebranding.

In addition, Facebook’s revenue stream is relatively homogeneous. From the current revenue structure, it relies heavily on the advertising business which is also facing a latent crisis. Internally, Facebook’s daily users reached 1.93 billion in the third quarter of this year, up 6% from the previous one, but a serious slowdown compared to the 12.3% increase in the same period a year earlier. The same is true for its monthly active users, which also shows a serious decline in the growth rate. In terms of the external rival environment, Facebook faces competition with giants such as Google, Snap, YouTube, and Twitter, etc. On the advertising and video side, Facebook is facing pressure from Google and YouTube. And in the competition for young generation users, Snap has become Facebook’s biggest competitor. According to a survey of 10,000 U.S. teens released by Piper Sandler, Snap remains the favorite social media app for U.S. teens and is being used by 35 percent of respondents. Betting on the metaverse has become a way out for Facebook in such a context. There is no doubt that the metaverse has the potential to become the next frontier in social networking, where companies can attract users by creating new platforms.

As Zuckerberg described in his open letter: “We hope that in the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars in digital commerce, and provide jobs for millions of creators and developers.” The future of the metaverse is vast. The movement of the technology giant Facebook also represents to a considerable extent the movement of the industry, and lots of major companies have begun their layout of the metaverse. HTC launched virtual idol Vee into real life to popularize the concept of metaverse; Epic games held online virtual concerts in their games; NVIDIA built an industrial-grade metaverse for factory production. As for the cryptocurrency exchanges, the innovator Hoo Exchange has also put a lot of attention on metaverse sectors. It not only strongly supports high-quality metaverse projects such as RACA and TCN but also made the metaverse track a key track for Hoo’s investment department. In addition, Hoo Smart Chain（HSC） will also make significant changes according to the metaverse, and the upgraded HSC will truly conform to the “decentralized” characteristics of the meta-universe and emerge in the metaverse world with its profound accumulation and diversified layout in technology, mechanism, gameplay, and ecology.

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