Meta’s metaverse is doomed, says Vitalik Buterin

The one that was still called Facebook recently bet on the metaverse: it renamed itself “Meta” and allocated 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 “metaverse” 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 rebounded Vitalik Buterinwho spoke about the initiatives of Meta in a Twitter thread.

According to him, the metaverse as a concept is here to stay, but not necessarily the initiatives of companies:

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.

👉 To understand everything in the field – Metaverse: virtual worlds based on blockchain and NFTs

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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 do not exist ?

For the moment, 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 passing 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

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Source: Vitalik Buterin via Twitter

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