The creation of a metaverse by Meta is “not going away,” according to Vitalik Buterin, co-founder of Ethereum. The idea of a virtual space, in his opinion, will simply “misfire.” The metaverse is an interactive digital environment where social interactions and business transactions may take place concurrently. It combines offline and online experiences.
Buterin said that venture capitalist Dean Eigenmann could be mistaken about the idea of the metaverse in a tweet in response to the Dialectic co-founder. He claimed that while he is not opposed to the metaverse and is confident that it will materialize, he believes that tech giants like Mark Zuckerberg’s Meta are not “going anywhere.”
It’s too early to tell what people genuinely want because we don’t fully understand what ‘the metaverse’ is yet.
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It’s important to remember that Meta rebranded from Facebook to Meta in October. Facebook made an effort to change its name to better reflect its commitment to creating the metaverse, which CEO Mark Zuckerberg believes will eventually become a reality. Facebook also owns the Oculus VR gaming system, and it doesn’t want to fall behind in the race to join the metaverse. The firm rebranded after spending $2 billion to purchase Oculus, a maker of VR headsets with a focus on gaming, in 2014.
Last year, Zuckerberg stated, “I believe the metaverse is the next chapter for the internet.” “Today, we’re viewed as a social networking firm, but our DNA is that we develop technology to link people, and the metaverse is the next frontier.”
The metaverse, according to Facebook’s description, will allow users to interact with others who are not in the same physical area. “You’ll be able to spend time with friends, work, play, study, shop, create, and do other things.” “It’s not about spending more time online; rather, it’s about making the time you do spend online more meaningful,” the business noted.
Meanwhile, the metaverse division has lost money for the second quarter in a row. According to Reality Labs, Meta’s metaverse earned $452 million in the third quarter, down from $695 million the previous quarter. Previously, the division recorded a $2.9 billion loss in the first quarter of 2022.