Meta’s attempts to create a metaverse are not “going anywhere”, said Ethereum co-founder Vitalik Buterin. He believes that Meta’s concept of a virtual space will only “misfire.” The metaverse is a blend of offline and online experiences in an interactive digital space, where social interactions and transactions can occur simultaneously.
In a tweet responding to Dialectic co-founder Dean Eigenmann, Buterin said that the venture capitalist may be wrong about the concept of the metaverse. He said while he isn’t against the metaverse and is bullish that the “metaverse is going to happen”, he thinks tech corporates such as Mark Zuckerberg’s Meta are not “going anywhere.”
“We don’t really know the definition of ‘the metaverse’ yet, it’s far too early to know what people actually want,” he said in a tweet.
It should be noted that Meta changed its name from Facebook to Meta in October. Facebook’s attempt to rename itself was to align with its focus on building the metaverse, which CEO Zuckerberg clearly sees as becoming a reality sooner or later. And Facebook, which also owns the Oculus VR gaming platform, doesn’t want to be left behind in the race to be a part of the metaverse. The rebranding followed the company’s 2014 acquisition of Oculus, a company that produces VR headsets with an emphasis on gaming, for $2 billion.
“I believe the metaverse is the next chapter for the internet,” Zuckerberg said last year. “Today, we’re 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.”
According to Facebook’s own definition, the metaverse will let users hang out with people who are not in the same physical space. “You’ll be able to hang out with friends, work, play, learn, shop, create, and more. It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful,” the company wrote.
Meanwhile, the metaverse arm has missed on profits for the second quarter in a row. According to Reality Labs, Meta’s metaverse reported earnings of $452 million, a decrease from $695 million in the previous quarter. The division previously reported a $2.9 billion loss in the first quarter of 2022.