Vitalik Buterin, ETH’s co-founder, thinks that corporate efforts to develop and expand the metaverse would not succeed. He made this assertion while responding to Dean Eigenmann’s post.
According to Buterin, the idea of the metaverse is appealing. However, he said that venture capital funding is not what will fuel the progress of the sector.
Eigenmann said he would rather stay in a war zone than any of these metaverse initiatives. Meanwhile, Buterin believes the metaverse dream will come. Unfortunately, he does not believe all current initiatives by corporate firms would succeed.
Buterin Attacks Facebook’s Metaverse Plan
After restructuring its whole firm around the metaverse idea, Facebook’s parent firm Meta now commands the development of the metaverse.
However, Vitalik doesn’t believe the decision will be profitable for the organization in the long run. He noted that anything the media giant builds now would eventually misfire.
Meanwhile, Buterin is among the most followed individuals in the cryptocurrency industry. He has also developed a reputation for being one of the most outspoken.
He has recently been offering criticism on a variety of topics, from the rise of NFTs to the S2F model. Buterin seldomly talks about the digital world concept.
Hence, most people take him seriously when he says anything about the metaverse. Most times, most people in the ecosystem always agree with him.
The idea and development of AR and VR tech on the blockchain have dominated the metaverse. Yet, the concept itself remains unclear.
Furthermore, organizations have also embraced the metaverse concept as part of their effort to evolve. However, various metaverse-based firms have already achieved some success in this sector.
They include metaverse platforms, Decentraland and The Sandbox. Both platforms have hosted various metaverse events ranging from music concerts to conferences.
Additionally, fashion companies such as Adidas and beer producers such as Budweiser have held social gatherings in the digital reality.
Meanwhile, Facebook has increased its efforts compared to other firms. These efforts aim to ensure it holds a leadership position in the metaverse.
Recently, the organization disclosed that Reality Labs, a division of its metaverse division, lost over $2.8 billion in the Q2 of 2022.
Although this would support Buterin’s argument, Mark Zuckerberg seems unconcerned and is still concentrating on the long term. Zuckerberg asserted that the creation of these metaverse-based platforms might eventually lead to hundreds of billions of dollars, if not trillions, in financial gain.