Ethereum's Inventor Skeptical of Meta's Use of the Metaverse

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The metaverse is a key area of investment for Mark Zuckerberg's Meta. The inventor of Ethereum, however, believes that the company's attempt will "misfire."

Ethereum's developer Vitalik Buterin shared his thoughts on the metaverse's future in a Twitter discussion.

"We don't really know the definition of 'the metaverse"

Metaverse games being played by corporate giants like Meta do not appear to be promising, according to Buterin. He wrote: "Specifically addressing Facebook (now Meta), it's far too early to tell what people genuinely desire because we don't really understand what "the metaverse" is. Facebook's current products will fail.”

Zuckerberg's belief that the metaverse is the next stage of the internet is supported by the Ethereum founder, who is not convinced of how Meta and other tech giants are approaching the metaverse, but still sees the industry as an unavoidable step in the development of current technology. The metaverse is still in its infancy and is still being researched in general. Decentralized forms of ownership and centralized authorities' control seem to be at odds with one another. 

It's noteworthy that the co-founder of another well-known metaverse platform, The Sandbox, claimed that Big Tech posed a threat to the idea of an open metaverse. 

Sebastien Borget stated in December: “Our objective is to create an open metaverse that can compete with the Web 2.0 metaverses, which we refer to as our competitors. We don't believe that those companies can create anything that is genuinely enjoyable for customers since they have been so preoccupied with their primary business strategy and how to please shareholders.”

In the meantime, a coalition of Web2 businesses, including Microsoft, Meta, and Sony, has been established to create guidelines for the metaverse.

The firm changed its name from Facebook to Meta in October 2021, marking the beginning of Meta's official entry into the metaverse. The action followed Meta's' $2 billion purchase of Oculus in 2014.

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