Vitalik Buterin, Canadian co-founder of the world’s largest smart contract platform, Ethereum, took aim at “existing corporate attempts to intentionally create the metaverse”, in a series of Sunday tweets aimed primarily at metas. -Mark Zuckerberg’s platforms.
Facebook’s pivot to technology under the Meta Platforms rebrand is destined to “miss,” Buterin said, due to a lack of understanding around metaverse technology.
The “metaverse” is going to happen, but I don’t think any of the existing attempts by companies to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
This misfire may already be happening, given Meta’s recent market performance.
Not only has Meta just announced its first-ever year-over-year revenue drop, but internal hiring plans have also been scaled back, while the recent scrapping of news content deals signals further action. cost reduction for the social media conglomerate.
As forefathers of the metaverse industry, big game-to-win (P2E) players The Sandbox, Decentraland and Axie Infinity have also risen in value this year, not helped by a number of hacks and exploits. harmful and an intensely volatile broader crypto market.
Is the future meta?
Public interest in the Metaverse may have cooled recently – if the 66% fall in Google searches since the start of the year is to be believed – but the Metaverse economy remains a hot spot. for venture capital and, increasingly, international governments.
The Shanghai Municipal People’s Government announced a ten billion yuan ($1.4 billion) metaverse fund in July to develop a $52 billion industry by 2025.
Dubai’s government announced its own metaverse strategy the same month, targeting 40,000 virtual jobs over five years as part of a plan to position the Middle Eastern emirate as a global industry leader.
As for VC, Andreessen Horowitz’ Games Fund One vehicle has committed US$600 million to metaverse projects, while Fortnight developer Epic Games recently secured US$2 billion from Sony Group Corporation and of the LEGO Group to develop its own metaverse vision.
So while companies exposed to the metaverse may be going through a period of crisis alongside broader crypto trends, investment continues to flow into the little-understood sector.
The investments – if any – that pay off will only become evident in the long run.
Ethereum Cops Shadow
Ethereum recently came under its own criticism from a high-profile crypto figurehead.
MicroStrategy CEO Michael Saylor reiterated his stance that Ethereum is “unethical” and in violation of securities laws in a recent interview.
Bitcoin evangelist Saylor is an outspoken critic of the altcoin who, as CEO, made MicroStrategy the largest Bitcoin holder in the world with nearly 130,000 BTC on the balance sheet.
Buterin called him a “clown” in response.