The one that was still called Facebook recently bet on the Metaverse: They renamed themselves “Meta” and made a considerable part of their budget available to the domain. But is this doomed to fail? Yes, according to Vitalik Buterin, creator of the Ethereum (ETH) network. What are his arguments?
According to Vitalik Buterin, the meta project will not work
If the word “metaverse” is currently in vogue, it’s also a subject of much discussion. Especially considering its usefulness and the interest it might have for consumers. It’s at this point that bounced back Vitalik Buterinwho spoke about the initiatives of Meta in a Twitter thread.
According to him, the metaverse will remain as a concept, but not necessarily corporate initiatives:
The “metaverse” will happen, but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
“The “metaverse” will happen, but I think attempts by companies trying to create a metaverse on purpose will get nowhere.»
In question, according to the creator of the Ethereum network, a definition that remains rather vague. First studies on the topic show it: Potential future users of the metaverse don’t 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 which uses are being democratized. So a clear conclusion:
“Anything Facebook creates at this point is doomed to fail.»
The creator of Ethereum takes up a criticism often heard in the ecosystem with a question: Are companies creating anything? Solutions to problems that don’t exist ?
For now, initial feedback from potential users seems to be going in that direction. A study published last week showed that a large portion of consumers simply don’t understand what the metaverse is. and what his interest might be. And Meta’s domain division suffered a significant loss last quarter: $2.81 billion. However, we note the significant weight of research and development that tends to undermine these results.
However, the industry could be particularly strong in terms of sales in the coming years. Some think so $800 billion by 2024. McKinsey is even more optimistic, estimating that the Metaverse sector will weigh $5,000 billion by 2030. Any mass adoption that goes through education will therefore need the general public to have a broader grasp of the area for this to happen.
👉 Connected – Metaverse Division of Meta lost $2.81 billion this quarter
published by Editions Larousse
Source: Vitalik Buterin via Twitter
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