Vitalik Buterin says Meta's attempt at a metaverse will fail

On Sunday, Vitalik Buterin expressed his opinion on the future of the emerging Metaverse concept. In Vitalik's judgment, many of these companies that try to build meta versions fail.

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Vitalik believes that Meta's attempt will fail

Big businesses like Adidas and Coca-Cola started buying digital real estate, minting NFTs, and throwing virtual parties in the metaverse after Mark Zuckerberg first revealed "Meta".

Since then, the firm has said it is ready to invest much more, $10 billion, in the area.

It's 2022 and huge corporations are still trying to fit the metaverse to their fancy. In response, Dean Vitalik Buterin stated:

The "Metaverse" will happen, but I don't think any of the existing corporate attempts to deliberately create a metaverse will go anywhere.

In general, the metaverse is understood as a network of three-dimensional virtual worlds. Individuals can communicate, trade, and create social connections in these environments using avatars, or virtual representations of themselves.

Facebook's parent company, Meta, was rebranded in late 2021 as part of a move to embrace the concept, making it the most prominent company to date to express interest in the meta version.

Facebook's parent company - Meta - has caused a shift towards the adoption of this concept by many other companies. However, Vitalik is not sure that the company will be successful. He said: “Whatever Facebook creates now will fail.

The future of metaversion within megacorporations

Ethereum's creator responded by arguing that businesses focused on the Metaverse will undoubtedly fail because "it's too early to determine what people want."

According to new research from McKinsey & Company, the value of the Metaverse sector could reach $5 trillion by 2030. This shows how it affects different industries and businesses will develop over time. According to the study, the main drivers of this concept are e-commerce, virtual learning, marketing and gaming.

According to CEO Mark Zuckerberg of Meta, the metaverse is an amazing opportunity for a variety of reasons. According to Mark, creating platforms in the digital world "will unlock hundreds of billions, if not trillions of dollars over time."

On Thursday, the firm announced that its Reality Labs subsidiary, which focuses on metaversions, posted a quarterly loss of $2.81 billion. The result is a year-on-year deficit of $5.78 billion. Perhaps there is some truth to what Vitalik suggests about Facebook's attempt to build a metaverse — and "failure" — to be true.

However, Mark Zuckerberg is unfazed and continues to claim that the metaverse is the future of digital finance.

It's impossible to know where the end of the metaverse will go. Buterin and Zuckerburg are financial animals who do whatever they want. It will be fascinating to see how it all turns out.

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