The one that was still called Facebook recently bet on the metaverse: it renamed itself “Meta” and returned a considerable part of its budget to the domain. But is this doomed to failure? Yes, according to Vitalik Buterin, the creator of the Ethereum (ETH) network. What are his arguments?
Meta project will not work according to Vitalik Buterin
If the word “metavers” (metavers in French) is in fashion at the moment, it is also subject to a lot of debate. Especially with regard to its usefulness and the interest it may have for consumers. It is this point on which a rebound Vitalik Buterinwho speaks about the initiatives of Meta in a Twitter thread.
According to him, the metaverse as a concept is here to stay, but not the initiatives of companies:
The “metaverse” is going to happen, but I don’t think any of the existing attempts by companies to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
“The “metaverse” is going to happen, but I think that attempts by companies that try to intentionally create a metaverse will go nowhere.»
In question, according to the creator of the Ethereum network, a definition that remains rather vague. The first studies on the subject show it: potential future users of the metaverse do not really know what it is. And even within the ecosystem, its definition is hotly debated.
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A solution to a non-existent problem?
According to Vitalik Buterin, no one knows at this point what the metaverse actually is, and what uses will be democratized. Hence a clear conclusion:
“Anything Facebook creates at this point will be doomed.»
The creator of Ethereum takes up a criticism often heard in the ecosystem, with a question: are companies creating solutions to problems that don’t exist ?
For now, the first feedback from potential users seems to go in this direction. A study published last week showed that a large part of consumers simply do not understand what the metaverse is. and what could be its interest. And Meta’s domain division suffered a substantial loss last quarter: $2.81 billion. However, we note the substantial weight of research and development, which tends to undermine these results.
However, the sector could represent a particularly high turnover in the years to come. Some consider it so $800 billion by 2024. The McKinsey firm is even more optimistic, since it estimates that the metaverse sector will weigh 5,000 billion dollars by 2030. Any mass adoption going through education, it will therefore be necessary that the general public seizes more widely the area for this to happen.
👉 Related – Metaverse Division of Meta Lost $2.81 Billion This Quarter
published by editions Larousse
Source: Vitalik Buterin via Twitter
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