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Meta’s attempts to mould the Metaverse will ‘misfire:’ Ethereum’s Buterin

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According to Ethereum’s Vitalik Buterin, Meta’s attempt to monopolize the metaverse would “misfire.” How so? Well, partly because no one has been able to define what the phrase means.

He claimed that ongoing business efforts don’t seem promising in a Twitter conversation about the potential design of the metaverse. He specifically targeted Meta, the internet giant created and led by Mark Zuckerberg, citing the company’s previous moniker. He said,

An immersive computer software called a Metaverse, which may also incorporate some aspects of virtual or augmented reality, allows users to interact with the environment and one another.

Metaverse is progress…?

Buterin described the creation of the metaverse as a relatively inevitable stage in the development of current technology, even though he isn’t quite sold on how companies see it.

While the use of non-fungible tokens (NFTs) or blockchain technology in Meta’s metaverse is unlikely, several decentralized metaverse programs have sprung up recently that do.

The centralized control of companies and decentralized forms of ownership that blockchain technology enables are at odds over how the metaverse will be shaped. Recently, a group of Web3 businesses launched a separate partnership, with the support of Microsoft, Meta, and Sony, intending to create standards for the metaverse.

Interestingly, Facebook Reality Labs (FRL), Meta’s metaverse-focused company, reported losses of $2.81 billion for the second quarter. In addition, the company lost $10.2 billion while developing software, hardware, and content for the metaverse.

As Ethereum and his public profile have grown over time, Buterin has developed a reputation for speaking out. This, even though he frequently uses his blog and Twitter account to discuss Ethereum’s technology and how decentralization may change the world.¬†

Although he has previously made lengthy remarks regarding NFTs, expressing wonder at the 2021 surge and taking subtle shots at the speculative side of the sector, he has rarely brought up the metaverse.

Metaverse is the next big thing on the Internet

Although it is still a rather fuzzy concept, the word “Metaverse” is widely used to describe a next-generation Internet. In the same, users will be able to work, play, and connect within realistic virtual worlds. It is projected that elements of blockchain technology, virtual reality, and augmented reality will be present.

Back in 2021, when the bull run hit its zenith, several important companies started working on Metaverse projects. Coca-Cola and Adidas, among others, purchased virtual properties, gave up on NFTs, and held their virtual events.

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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