Ethereum Co-Founder Vitalik Buterin Says Meta’s Metaverse Will ‘Misfire’

Ethereum co-founder Vitalik Buterin said Meta’s efforts to build a metaverse “are not going anywhere”. He believes that Meta’s concept of virtual space will only “misfire”. The Metaverse is a blend of offline and online experiences in an interactive digital space, where social interactions and transactions can take place simultaneously.

In a tweet responding to Dialectic co-founder Dean Eisenman, Buterin said that the venture capitalist may be wrong about the concept of the metaverse. He said that while he’s not against the Metaverse and is optimistic about “the Metaverse is going to happen,” he thinks tech corporates like Mark Zuckerberg’s Meta are “not going anywhere.”

“We don’t really know the definition of the ‘metaverse’, it’s too early to know what people really want,” he said in a tweet.

It should be noted that Meta changed its name from Facebook to Meta in October. Facebook’s attempt to rename itself was to align with its focus on building the metaverse, which CEO Zuckerberg clearly sees as becoming a reality sooner or later. And Facebook, which also owns the Oculus VR gaming platform, doesn’t want to be left behind in the race to be part of the metaverse. The rebranding followed the company’s 2014 acquisition of Oculus, a company that produces VR headsets with an emphasis on gaming, for $2 billion.

“I believe the metaverse is the next chapter for the Internet,” Zuckerberg said last year. “Today, we are seen as a social media company, but in our DNA, we are a company that creates technology to connect people, and Metaverse is the next frontier.”

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By Facebook’s own definition, the Metaverse will let users hang out with people who aren’t in the same physical location. “You’ll be able to hang out with friends, work, play, learn, shop, create and much more. It’s not necessarily about spending more time online – it’s about making more time you spend online.” is about making meaningful,” the company wrote.

Meanwhile, the metaverse arm has missed out on profits for the second quarter in a row. According to Reality Labs, Meta’s Metaverse posted earnings of $452 million, down from $695 million in the previous quarter. The division previously reported a loss of $2.9 billion in the first quarter of 2022.

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