The existing attempts by corporations to create a metaverse will lead nowhere, since people do not yet “know” what it should look like. This was stated by the co-founder of Ethereum Vitalik Buterin.
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
“The Metaverse is coming, but I don’t think the current corporate attempts to deliberately create a virtual world will get anywhere,” he wrote.
Buterin’s words were a response to developer Dean Eigenmann. The latter noted that the metaverse is a viable concept, but it is unlikely to be implemented on the basis of those tools in which “venture investors are now investing money.”
Other eminent members of the community also joined the discussion. Ribbonfarm blogger Venkatesh Rao pointed out that the market is in a unique situation where dependence on hardware puts the big players in a winning position.
hmm. I think the barrier to entry being a bleeding edge bit of evolving research hardware has created a rare case of a necessary condition favoring large incumbents. The idea wouldn’t even be under discussion without Quest 2.
— Venkatesh Rao (@vgr) July 30, 2022
“My critique goes deeper than ‘Wikipedia’s metaverse will beat Britannica’s’ metaverse.” The thing is, we don’t yet know the definition of a “metaverse”. It’s too early to know what people really want. Therefore, everything that Facebook creates now will misfire, ”Buterin replied.
Rao added that Meta’s only goal is to dominate the hardware market:
“Until an open source headset surpasses [Oculus] Quest in terms of value for money, they will hold the desired position, no matter what happens to the content.”
Solana founder Anatoly Yakovenko also believes that large corporations will remain the main players in this market for the foreseeable future. According to him, this is primarily due to the cost of producing complex games.
Games are still way to expensive to make, as apposed to photos, or short form video or text. As long as that’s true, metaverse will skew heavy towards big studios.
— SMS T◎ly, 🇺🇸 (@aeyakovenko) July 31, 2022
Recall that analysts at Citibank, the largest international bank, predicted the growth of the metaverse economy to $13 trillion by 2030.
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