Vitalik Buterin Takes a Dig at Current Metaverse Development Firms

Metaverse Real Estate Prices and Trade Volume Significantly Declines
  • Buterin said any companies attempting to develop the Metaverse at this time will fail.
  • Meta has been the most prominent corporate participant.

The co-founder of Ethereum, Vitalik Buterin, has indicated he doubts the success of any “existing corporate attempts” to build a Metaverse. According to Vitalik Buterin, any companies attempting to develop the Metaverse at this time will fail.

There is no guarantee that organizations who are striving to build the Metaverse will succeed in their endeavors, according to Ethereum developer Vitalik Buterin on Twitter early Sunday morning. According to him, the Metaverse “is going to happen.” However, “any of the existing corporate attempts to intentionally create the metaverse are going anywhere.”

Long Way to go For Metaverse Development

As of this writing, Meta, Facebook’s parent corporation, has been the most prominent corporate participant to exhibit interest in the Metaverse. Because of the rise of Ethereum’s fame and his frequent use of social media to debate the technology and the potential effects of decentralization, Buterin has developed a reputation as an outspoken public figure. Aside from mentioning that he was taken aback by the 2021 boom and poking fun at speculative investors, he has said very little about NFTs in his earlier commentary on the Metaverse.

As the crypto Bull Run peaked in 2021, large firms such as Adidas and Coca-Cola began purchasing digital land, minting NFTs, and having their own virtual parties in the Metaverse. There was a lot of excitement when Zuckerberg first revealed “Meta,” and the company has since made various indications that it is willing to invest much more in this area, including announcing intentions to support NFTs on Instagram and Facebook. After the announcement, Zuckerberg announced that the company’s Metaverse unit, Reality Labs, would invest $10 billion in the space.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.