The company that until recently was called Facebook has taken the metaverse gamble: 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 will not work according to Vitalik Buterin
If the word “metaverse” is fashionable at the moment, it is also subject to a lot of debate. Especially regarding its usefulness and the interest it can have for consumers. This is the point on which Vitalik Buterin bounced back, and he expressed himself 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:
At fault, according to the creator of the Ethereum network, is a definition that remains quite unclear. The first studies on the subject show that 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 democratize. Hence a conclusion without appeal:
“Anything Facebook creates at this point will be doomed to failure.”
The creator of Ethereum echoes a criticism often heard in the ecosystem, with a question: are companies creating solutions to problems that don’t exist?
For now, the first feedback from potential users seems to be in this direction. A study published last week showed that a large proportion of consumers simply don’t 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 weight of research and development is significant and tends to weigh down these results.
The sector could however 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 a $5 trillion industry 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 it happen.
