Facebook’s Metaverse Plan Is Destined To Fail!

By August 4, 2022DeFi
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Meta, formerly know as Facebook, invests billions of dollars in building “The Metaverse”

Ethereum’s founder Vitalik Buterin recently said that internet giants such at Meta will fail at their attempts of establishing a Metaverse since “it’s far too early to know what people actually want”. Ouch Mark Zuckerberg!

In October 2021, Facebook changed its company name to Meta Platforms — or simply “Meta”. With this name change they want to show their new focus of building the Metaverse. But what does it actually mean to “build the Metaverse”?

Ethereum’s creator Vitalik Buterin criticizes coorperations which aim to build the Metaverse right now

That’s what Ethereum creator Vitalik Buterin discussed in a Twitter thread last week. He argues that Meta’s attempt at becoming the dominant player of the Metaverse will fail because nobody can come up with what the term “Metaverse” actually means. Buterin even provocatively used Meta’s former name “Facebook” when criticizing the company’s Metaverse ambitions.

“We don’t really know the definition of ´the metaverse´ yet, it’s far too early to know what people actually want,” Buterin said in his tweet. He followed this up with “So anything Facebook creates now will misfire”.

Our team at Crypto Hub is intensively looking for the next 100x Metaverse coins. To see what coins we invest in, follow us on Twitter and join our Telegram group

The Metaverse will come sooner or later. However it’s hard to imagine how it will look like

The Metaverse is often regarded as the next generation of the internet, where instead of interacting though a screen, people will interact by using virtual reality headsets and augmented forms of reality. Even though Vitalik Buterin is not bullish on corporations envisioning the Metaverse, he said “The Metaverse is going to happen”.

We at Crypto Hub personally hope that the Metaverse will be created by innovative Web3 companies rather than by cooperations like “Facebook” whose business model is to collect user data and sell it to third parties without disclosing it publicly. When Facebook creates a Metaverse, YOU are the product. When Web3-based companies build a system which is based on decentralization and transparency, YOU will be the owner of your data, not Facebook.

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