Corporate Efforts to Build the Metaverse Fail: Vitalik Buterin

Corporate efforts to build the Metaverse will undoubtedly fail. On July 31, Vitalik Buterin responded to Dean Eigenmann’s views on the Metaverse’s future and how venture capitalists believe it will develop. Dean Eigenmann was writing for Dialectic.

However, he added that he doesn’t believe “any of the existing corporate attempts to intentionally create the Metaverse are going anywhere.” The co-founder of Ethereum is optimistic that the Metaverse will materialize.

The "metaverse" is going to happen but I don't think any of the existing corporate attempts to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP

— vitalik.eth (@VitalikButerin) July 30, 2022

Since it is still too early to know what people want, he claimed that there isn’t really a definition of the Metaverse yet. An attack on Meta, formerly Facebook, which is attempting to control the Metaverse the same way it has social media, was made after that.

Due to its monopolistic practices, Meta has already gotten into trouble. Global policymakers and regulators destroyed its lofty cryptocurrency ambitions, forcing the company to abandon the project.

The US Federal Trade Commission filed a complaint last week in an effort to thwart Meta’s plans to acquire yet another Metaverse-based business. Meta is attempting to buy its way to the top, according to John Newman, Deputy Director of the FTC Bureau of Competition.

The world’s largest social media company was attempting to buy the popular VR fitness app Supernatural from Within and the virtual reality company Within.

According to Vitalik Buterin’s remarks, Meta/Facebook is attempting to dominate the Metaverse trend without actually understanding what it is or what users want. A Facebook-based Metaverse is probably going to be a dangerous place for people who value their data privacy and online safety if its ambitions are realized and so corporate efforts to build the Metaverse will fail

Most likely, it will be used by the company as another means of deluging users with advertisements and enabling spammers and scammers to infiltrate the Web3 virtual environment just as they do on its Web2 platform.

VC Exploitation

There will still be worries about centralization and profiteering whether the platform is the Meta platform or one that is more crypto-aligned and has strong VC backing.

Over the past year or so, projects related to the Metaverse have received hundreds of millions of dollars from venture capital giants like Andreessen Horowitz (a16z).

This typically grants them large amounts of governance tokens, giving them more control over the platform’s direction than its users and community.

Take a look at our latest Bitcoin news for an update on the famous cryptocurrency.