Vitalik Buterin predicts that the Metaverse will be built, but any existing company trying to intentionally build one will not succeed, adding that Meta’s (formerly Facebook) efforts to do so will “fail.”
See related article: Will the future of Facebook’s metaverse transform how we live online?
Fast facts
- In a Weekend Twitter Feedthe Ethereum co-founder also argued that there isn’t even a widely accepted definition of the term yet, so it’s too early to predict what consumers will want.
- Mark Zuckerberg, CEO of Meta aroused renewed interest in the subject after announcing that the social media giant will pivot to focus on the Metaverse, renaming the company to Meta soon after to reflect this shift.
- “I think the metaverse is the next chapter for the internet,” Zuckerberg said in a video showcasing the company’s name change last year.
- A metaverse is an immersive computer program in which users can interact with the environment and with each other, which may include some elements of virtual or augmented reality.
- Although Meta is not likely to integrate blockchain technology or non-fungible tokens (NFT) in its metaverse, many decentralized metaverse programs have sprung up in recent months leveraging technology.
- NFT sales for plots of land at Yuga Labs (creators of Bored Ape Yacht Club NFTs) metaverse project “Otherside” have amassed over $1 billion in secondary sales since their launch in May.
See related article: What will be the law of the metaverse?