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 significant 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?

The meta project will not work according to Vitalik Buterin

If the word “metaverse” is in vogue at the moment, it is also the subject of some debate. Especially in terms of its usability and the interest it may have for consumers. It is this point that returned Vitalik Buterinwho talked about the initiatives from Meta in a Twitter thread.

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

The “metaverse” is going to happen, but I think attempts by companies trying to create a metaverse will lead nowhere.»

When asked, 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.

👉 Understanding 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 which uses will be democratized. Therefore, a clear conclusion:

Anything Facebook creates at this point will be doomed.»

The creator of Ethereum takes a criticism often heard in the ecosystem with a question: creates companies solutions to problems that don’t exist ?

For now, the initial feedback from potential users seems to be going in this direction. A study published last week found that a large portion of consumers simply do not understand what the metaverse is. and what could its interest be. And Meta’s domain division suffered a significant loss last quarter: $2.81 billion. However, we note the significant emphasis on research and development, which tends to undermine these results.

However, the sector may represent a particularly high turnover in the coming years. Some consider it so $800 billion by 2024. The McKinsey firm is even more optimistic as it estimates that the metaverse sector will be worth $5 trillion by 2030. Any mass adoption that goes through education will therefore require the general public to embrace the field more broadly 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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