The company that until recently was known as Facebook has taken the metaverse plunge: it has renamed itself “Meta” and allocated a considerable part of its budget to the domain. But is this doomed to failure? Yes, according to Vitalik Buterin, the creator of the Ethereum network (ETH). What are his arguments?
The Meta project won’t work according to Vitalik Buterin
While the word “metaverse” is currently in vogue, it is also the subject of much debate. In particular with regard to its usefulness and the interest it may have for consumers. This is the point that Vitalik Buterin has been bouncing around, expressing his views on the Meta initiatives in a Twitter thread.
According to him, the metaverse as a concept is here to stay, but not necessarily the initiatives of companies:
The “metaverse” is going to happen but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP
– vitalik.eth (@VitalikButerin) July 30, 2022
“The “metaverse” will happen, but I think that attempts by companies to intentionally create a metaverse will go nowhere. “
At issue, according to the creator of the Ethereum network, is a definition that remains rather unclear. The first studies on the subject show it: the potential future users of the metaverse do not really know what it is. And even within the ecosystem, its definition is hotly debated.
A solution to a non-existent problem
According to Vitalik Buterin, no one knows at this stage what the metaverse really is, and what uses will be democratised. Hence the unambiguous conclusion:
“Anything Facebook creates at this point is doomed to failure. “
Ethereum’s creator echoes a criticism often heard in the ecosystem, with a question: are companies creating solutions to problems that don’t exist?
For the moment, the first feedback from potential users seems to point in this direction. A study published last week showed that a large proportion of consumers simply do not understand what the metaverse is and what its benefits might be. And Meta’s domain division suffered a substantial loss last quarter: $2.81 billion. However, the heavy weight of research and development tends to weigh down these results.
However, the sector could represent a particularly high turnover in the years to come. Some estimate it at 800 billion dollars by 2024. McKinsey is even more optimistic, estimating that the metaverse will be worth $5 trillion by 2030. Any mass adoption will come through education, so the general public will need to take a wider hold of the field to make this happen.
