Meta's attempt to corner the metaverse will fail
Ethereum’s creator says that corporate efforts in the metaverse will fail because it is far too early to know what people actually want. Meta’s attempt to corner the metaverse will fail largely because no one can agree on what the term actually means. In a Twitter thread about how the metaverse might look, he said current corporate projects don’t look promising. He specifically criticized Meta, the tech behemoth founded and run by Mark Zuckerberg.
My critique is deeper than "Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica". It's that we don't really know the definition of "the metaverse" yet, it's far too early to know what people actually want. So anything Facebook creates now will misfire.— vitalik.eth (@VitalikButerin) July 31, 2022
Buterin isn't convinced of how corporations see the metaverse
Buterin isn’t convinced of how corporations see the metaverse. He does see its establishment as an inevitable step in the evolution of today’s technology. The metaverse is frequently described as an evolution of today’s internet.
Therefore the metaverse is centered on immersive 3D worlds and online communities where people interact through virtual reality headsets and augmented reality. However the Sandbox is one of the most popular Web3 metaverse projects right now. For instance, with virtual plots of land linked to NFT ownership. Yuga Labs, which created the Bored Ape Yacht Club, is also developing its own metaverse gaming project. The Otherside, and recently hosted a first-look tech demo of that virtual world.
Meta lost $10.2 billion last year while developing software
In the company’s most recent earnings report, Meta revealed that its metaverse-specific division, Facebook Reality Labs (FRL), lost $2.81 billion in the second quarter. In addition, the company lost $10.2 billion last year while developing software, technology, and content for the metaverse. The term “metaverse” first appeared in Neal Stephenson’s 1992 science fiction novel “Snow Crash.” The term used to describe a “computer-generated universe” communicated to a character via goggles and earphones.
Today’s technology isn’t all that different from what was described in the novel. However, the issue of adoption is more complicated. Nevertheless, as technology becomes more important in all aspects of our lives, the metaverse could be implemented on a large scale very quickly. Recently, a group of Web3 companies announced a separate alliance with the goal of establishing standards for the metaverse, including Microsoft, Meta, and Sony.