Metaverse: Vitalik Buterin predicts Meta’s failure

Mon 01 August 2022 ▪ 13:00 ▪
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For the founder of Ethereum, the failure of the metaverse is inevitable until we have apprehended ” what people really want », and as long as we do not know its meaning. To say that there are currently a large number of companies and institutions that are beginning to use all their strength to become masters of the virtual world.

Vitalik Buterin didn’t speak yesterday on Twitter when discussing the future of the metaverse. His comments on Dialectics Dean Eigenman’s thoughts on the subject show the substance of his thinking.

Here is part of it:

The ‘metaverse’ is going to happen, but I don’t think the current attempts by companies to deliberately create the metaverse will succeed. »

But Eigenmann doesn’t see it that way. For him, ” all ideas about concepts make sense, communities rush to virtual worlds, etc. “. The only problem is the manner in which venture capital firms are appropriating this new El Dorado.

The Ethereum co-founder is not one to mince words when it comes to blockchain-related innovations. Also, didn’t his avant-garde ideas allow the culmination of the Merge, the switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS)? And not only!

But there are at least two parameters that must be taken into account to avoid metaverse errors:

  • the establishment of a real and common meaning of this term;
  • and knowledge of what people really want “.

Unfortunately, we are currently still far from getting there.

We don’t really have a definition of ‘metaverse’ yet, it’s way too early to know what people really want. So anything Facebook creates now will go down. “, hammers the one who is no longer a cryptocurrency billionaire against the backdrop of bear market.

Remember that the metaverse is presented as an evolution of the Internet, a passage from Web2 to Web3. To mark this break as well as possible, the promoters of the metaverse use technologies linked to the immersive world in 3D and to online communities to create an appropriate structure. The possibilities are endless, both for companies like AXA France and for the US Army.

But for the average individual, the challenges lie in the interactions supported by the use of virtual reality (VR) headsets or forms of augmented reality (AR). Of course he will be entitled to an avatar to move wherever he wants in the metaverse.

As for Meta, whose failure of the metaverse was predicted by Vitalik Buterin, it was born in October 2021. This is the new name of Facebook after Mark Zuckerberg decided to turn on the speed superior to conquer Web3.

Don’t think the American billionaire took this decision lightly. In fact, he prepared this transition well, knowing that Facebook bought Oculus, the specialist in VR headsets, in 2014. It was at a price of 2 billion dollars.

I think the metaverse is the next chapter of the internet. Today we are 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 Says Zuckerberg.

At the moment, MZ would also like to trust that Apple can do better in the sector.

Unfortunately for Meta, the weather isn’t looking good just yet. A recent earnings report for the company cited a loss of $2.81 billion in Q2e trimester. Alone in 2021 was the company that wanted to be number one in the virtual world lost $10.2 billion to the metaverse. If Vitalik Buterin makes such remarks about Meta’s future, he certainly gave more time to reflect on the latter’s case.

Sources: CryptoPotato; Decrypt

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The blockchain and crypto revolution is underway! And on the day when the effects will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it

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