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Meta's attempt to corner the metaverse will "fail," according to Vitalik Buterin, the founder of Ethereum, mainly because no one can define the phrase.
In a Twitter thread addressing the potential appearance of the metaverse, he stated that ongoing corporate endeavors are not promising, and he slammed Meta, the tech behemoth created and led by Mark Zuckerberg, referencing the company's old name.
"We don't really know the concept of 'the metaverse' yet; it's way too early to determine what people want," tweeted Buterin. Therefore, everything Facebook develops today will fail.
The metaverse is sometimes characterized as a progression of the current internet, revolving around immersive 3D environments and online communities where individuals engage via virtual reality headsets and augmented forms of reality.
While Buterin is unconvinced by how companies view the metaverse, he did identify its formation as an unavoidable stage in the development of modern technology.
“The’metaverse’ is imminent,” continued Buterin. I believe that none of the present corporate endeavors to construct the metaverse deliberately will succeed.
There is friction between the centralized authority of companies and the decentralized forms of ownership that blockchain technology enables to form the metaverse. Recently, a group of Web3 firms banded together to set standards for the metaverse, while Microsoft, Meta, and Sony announced the formation of a rival alliance.
The Sandbox is now one of the most prominent Web3 metaverse initiatives, with virtual land parcels related to the ownership of non-fungible tokens (NFTs). And Yuga Labs, which built the Bored Ape Yacht Club, is in the early phases of its metaverse game project, the Otherside, and recently hosted a preview of this virtual world’s technology.
The phrase metaverse initially appears in Neal Stephenson’s 1992 science fiction novel “Snow Crash.” This word refers to a “computer-generated cosmos” communicated to a character via headphones and goggles.
October marked the beginning of Meta’s official quest for the metaverse when the corporation changed its name from Facebook to Meta. The rebranding followed the $2 billion acquisition of Oculus, a VR headset manufacturer concentrating on gaming, in 2014.
Last year, Zuckerberg declared, “I believe the metaverse is the next chapter for the internet.” In our DNA, we are a firm that produces technology to link people, and the metaverse is the next frontier.
In its most recent financial report, Meta disclosed that its Facebook Reality Labs (FRL) subsidiary lost $2.81 billion in the second quarter. And the corporation wasted $10,2 billion building software, technology, and content for the metaverse over the previous year.
Zuckerberg stated, “This is a highly costly endeavor over the next few years.” “However, when the metaverse becomes increasingly significant in every aspect of our lives, I’m convinced we’ll be pleased to have contributed to its development.”