According to Ethereum’s Vitalik Buterin, Meta’s attempt to monopolize the metaverse would “miss”. How? Well, partly because no one has been able to define what the phrase means.
He claimed that ongoing trade efforts do not look promising in a Twitter conversation on the potential design of the metaverse. He specifically targeted Meta, the internet giant created and run by Mark Zuckerberg, citing the company’s former moniker. He said,
My review goes deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. It’s that we don’t really know the definition of “metaverse” yet, it’s way too early to know what people actually want. So anything Facebook creates now will fail.
— vitalik.eth (@VitalikButerin) July 31, 2022
Immersive computer software called Metaverse, which can also incorporate some aspects of virtual or augmented reality, allows users to interact with the environment and with each other.
The metaverse is progress…?
Buterin described the creation of the Metaverse as a relatively inevitable step in the development of current technology, though he’s not entirely sold on how companies view it.
Although the use of non-fungible tokens (NFTs) or blockchain technology in Meta’s metaverse is unlikely, several decentralized metaverse programs have sprung up recently.
The centralized corporate control and decentralized forms of ownership that blockchain technology enables are at odds with how the metaverse will be shaped. Recently, a group of Web3 companies launched a separate partnership, with support from Microsoft, Meta, and Sony, with the intention of creating standards for the Metaverse.
Interestingly, Facebook Reality Labs (FRL), Meta’s metaverse company, posted losses of $2.81 billion for the second quarter. Additionally, the company lost $10.2 billion while developing software, hardware, and content for the Metaverse.
As Ethereum and its public profile have grown over time, Buterin has earned a reputation for speaking out. This, even though he frequently uses his blog and Twitter account to discuss Ethereum technology and how decentralization can change the world.
Though he’s made lengthy remarks about NFTs before, marveling at the 2021 surge and taking subtle photos of the speculative side of the sector, he rarely touched on the metaverse.
Metaverse is the next big thing on the internet
Although still a rather vague concept, the word “metaverse” is widely used to describe a next-generation Internet. Similarly, users will be able to work, play and connect in realistic virtual worlds. It is expected that elements of blockchain technology, virtual reality and augmented reality will be present.
In 2021, when the bull run reached its zenith, several prominent companies started working on Metaverse projects. Coca-Cola and Adidas, among others, bought virtual properties, ditched NFTs, and hosted their virtual events.