Techspace - Metaverse as the biggest Meta project in the Web 3.0 ecosystem has rapidly affected people to create the mixed virtual and reality technology. Since this innovation is widely known by the public, it is still a hot topic to be discussed between experts and amateur. However, according to Vitalik Buterin, the definition of metaverse itself is still blurry in people’s minds.
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
On July 31, Dean Eigenmann, a blockchain editor, expressed his confusion understanding the metaverse concept. The tweet became a hit and reached Vitalik Buterin’s timeline. He expressed his pessimism about the metaverse, then commented that before the metaverse was born, the innovation itself will not make any progress to further technology.
My critique is deeper than "Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica". It's that we don't really know the definition of "the metaverse" yet, it's far too early to know what people actually want. So anything Facebook creates now will misfire.— vitalik.eth (@VitalikButerin) July 31, 2022
Following the response, he threw a critique while addressing Meta as its former name, Facebook. He stated that the metaverse is made without considering what the people want. He also said people are nowhere understanding the definition of metaverse. Based on that he closed his critique toward Meta, said “-So, anything Facebook creates now will misfire.”
Read also: Vitalik Buterin: The Man Behind Ethereum
Back in October last year, Meta changed its name from Facebook, while proudly announcing that the company will create a 3D mixed virtual and reality world called Metaverse. The word “Metaverse” itself was inspired by a science fiction novel “Snow Crash,” written by Neal Stephenson in 1992.
Metaverse is created focusing on its futuristic technology, and aims to escalate the social interaction within the virtual world. Previously, Meta has shown their interest in virtual reality by acquiring Oculus, a VR headset company, in 2014.
Despite being the biggest project in Meta, the company reported that Facebook Reality Labs (FRL), the special division that managed metaverse, lost $2,81 billion in the second quarter this year. In 2021, metaverse also contributed a $10.2 billion loss for the company because of its software, technology, and contents.
Even though Mark Zuckerberg is assured that the metaverse will be the next chapter of the internet, the result will only be seen in the next 5-10 years.