Ethereum’s Buterin Expresses Cool Vision for Corporate Metaverse Dreams

In somewhat shocking news, Ethereum co-founder Vitalik Buterin said it’s his guess that corporate efforts to create a metaverse will not succeed. That was the goal of companies like Mark Zuckerberg’s Meta, which spun off from Facebook to create the Metaverse

Buterin was responding to a comment from Soapbox and Dialectic founder Dean Eigenmann, who said he doesn’t believe Metaverse will reach its full potential with venture capitalist funding.

Buterin tweeted his response, “The ‘metaverse’ is going to happen, but I don’t think existing corporate efforts to intentionally create a metaverse are going anywhere.”

Facebook’s parent company today led the charge into the uncharted waters of the metaverse. The Metaverse is its primary focus after rebranding its entire existence around it. However, Buterin isn’t convinced that Meta will be the first to plant his flag atop the Metaverse mountain. He even went so far as to call Meta by its old name.

“My criticism is that “Metaverse Wikipedia will beat Metaverse Encyclopaedia Britannica.” It’s that we don’t really know the definition of “metaverse” yet, it’s too early to know what people really want. So anything Facebook creates now will be a misfire.”

As one of the most popular and heard players in the cryptosphere, Buterin has never shied away from giving his two cents. He commented on the meteoric rise of NFTs (Non-Fungible Tokens) in Plan B’s S2F model.

While companies like The Sandbox and Decentraland have found success in the metaverse, Meta isn’t the only giant corporation vying to carve out a piece of the metaverse for itself. This comes from the obvious fact that there is potential for massive growth in space, and although it is not agreed upon exactly when, it is only a matter of time before we answer the question of what the metaverse is and what it could be.

German athletic apparel giant Adidas and American beer maker Budweiser have a presence in Metaverse with NFTs, virtual events and more. Puma, one of Adidas’ main competitors, has sponsored games and events for English Premier League champions Manchester City as part of its third football kit release. More corporate entities are jumping across industries and sectors.

But unlike Meta, none of these corporations are throwing everything they have into discovering and developing the Metaverse. Facebook has redoubled its efforts to stay in the lead in the Metaverse Marathon. Matter Metaverse’s unit, Reality Labs, recently lost $2.8 billion in the second quarter of 2022.

Zuckerberg acknowledged that building the Metaverse would not be a cheap project, going so far as to say that it would “definitely be a very expensive undertaking over the next few years”. MetaReality Labs expects third-quarter revenue to decline even more than in Q2.

While it’s hard to count Buterin’s opinion as fact in light of those statistics, Zuckerberg doesn’t seem concerned. “Developing these platforms could unlock hundreds of billions if not trillions in revenue over time.”

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