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The uncertain metaverse
“The ‘metaverse’ is going to happen,” Buterin continued. “But I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere.”
The "metaverse" has been a buzzword ever since FB changed its name to Meta, but what exactly does it mean? Vitalik Buterin, the creator of Ethereum, is hesitant that what $META's building is what people will even want. The nature of web3 is decentralized, so it's hard to believe that people will want a centralized corporation to build it out, but time will tell.
"Over how the metaverse will be shaped, there is tension between the centralized authority of corporations and the decentralized forms of ownership that blockchain technology affords. Recently, a group of Web3 companies came together with the goal of establishing standards for the metaverse as companies including Microsoft, Meta, and Sony announced a separate alliance."
Zuck is still thinking positive though and looking on the bright side:
Meta divulged in the company’s latest earnings report that its metaverse-specific division, Facebook Reality Labs (FRL), lost $2.81 billion in the second quarter. And last year, the company lost $10.2 billion developing software, technology, and content for the metaverse.
“This is obviously a very expensive undertaking over the next several years,” Zuckerberg said. “But as the metaverse becomes more important in every part of how we live ... I’m confident that we’re going to be glad we played an important role in building this.”
I'm personally excited to see how this all unfolds and am happy that $META has decided to invest capital into developing it.
Decrypt
Vitalik: Metaverse ‘Is Going to Happen’ but Meta’s ‘Will Misfire’ - Decrypt
The Ethereum creator said corporate attempts at the metaverse will fail because “it’s far too early to know what people actually want.”
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