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NFTs and Metaverse

Facebook’s Metaverse Will Fail – Vitalik Buterin

Facebook’s Metaverse Will Fail – Vitalik Buterin

Ethereum co-founder Vitalik Buterin doesn't believe any of the existing attempts by corporations to create a metaverse will work.

A metaverse is commonly described as an interactive 3D online world focused on social connection, some of which is expected to be powered by augmented reality (AR) and virtual reality (VR).

Buterin said that while he believes the Meta Universe will be realized at some point, he doesn’t think any of the current attempts by corporations like Meta (ex-Facebook) will reap success.

The Ethereum founder said the use cases are not yet clear, adding that he does not believe Meta’s attempt to create a metauniverse will be successful in its current form.

We don’t yet know the definition of “metaverse”, it’s too early to know what people actually want. So anything Facebook creates now will fail.

Other members of the crypto community have criticized centralized metaverse ideas such as those proposed by Meta and Microsoft, arguing that they could affect the decentralization of ownership of goods and services within these metaverses.

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But there are initiatives addressing the issues Buterin pointed out, as well as from the crypto community. Decentraland and Sandbox developers have teamed up with several Web3 projects to launch the Open Metaverse Alliance (OMA3), which focuses on building more transparent, inclusive, decentralized, and democratized metaverse.

The Metaverse Standards Forum (MSF) also seeks to build on these values and establish standards for a more open and interoperable metaverse.

This echoes Meta CEO Mark Zuckerberg’s letter to stakeholders last October in which he stated that the metaverse is the next chapter for the Internet, adding:

“We are perceived as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier.”

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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