Ethereum co-founder Vitalik Buterin Has Warning for Facebook Parent Over Metaverse Bet

UTC by Bhushan Akolkar · 3 min read
Ethereum co-founder Vitalik Buterin Has Warning for Facebook Parent Over Metaverse Bet
Photo: Depositphotos

Vitalik Buterin believes that Metaverse is still ahead of its time and that anything Facebook creates will “misfire”.

Facebook parent firm Meta Platforms Inc (NASDAQ: META) is making a big push toward the Metaverse, an evolution of the internet centered around an immersive 3D world wherein people interact and socialize with each in virtual reality or augmented reality setups.

However, Ethereum co-founder Vitalik Buterin believes that Meta’s push for the Metaverse can “misfire”. On Sunday, July 31, Buterin joined a discussion on Twitter, Buterin shared his views. He noted that corporate projects working in this space aren’t promising enough. Besides, he also specifically mentioned Facebook in his conversation. Buterin said:

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.

Does this mean that Vitalik Buterin is completely bearish on the Metaverse concept? Well, no. He rather sees Metaverse as an inevitable step in the progression of today’s technological world. He added:

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.

Although Buterin remains pessimistic, corporations have been taking enough measures in this direction. Recently, some of the top companies operating in the Web 3 space such as Microsoft, Meta, and Sony, came together with the goal of establishing the standards for Metaverse.

Facebook Parent Meta’s Push into the Metaverse

Last year, Facebook rebranded the entire company to Meta clarifying its next big move into the world of Metaverse. On the other hand, Facebook is trying to build a complete Metaverse ecosystem in place.

Back in 2014, Facebook acquired VR handset maker Oculus in a $2 billion deal. This acquisition will also play a pivotal role in bringing immersive 3D Metaverse experiences to users. Speaking on this matter last year, Mark Zuckerberg said:

“I believe the metaverse is the next chapter for the internet. Today, we’re seen as a social media company, but in our DNA, we are a company that builds technology to connect people, and the metaverse is the next frontier.”

The shift to the Metaverse could be a make-or-break event for Facebook. With the Facebook platform, the company has been struggling to keep the revenue upbeat. Last week, Meta reported a drop in its revenue during Q2 2022 with its advertising revenue heading south. Furthermore, the company has also given lower projections for the third quarter.

News, Technology News, Virtual Reality & Augmented Reality News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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