The co-founder of Ethereum blockchain shared his opinion on the VCs’ efforts in the Metaverse related project development.
Meta (formerly Facebook) announced its project Metaverse to bring a high-level virtual reality experience to its users. Initially, Facebook rebranded its name to Meta in Q3 2021, to show its top-level interest & development works in Metaverse. However the concept of Metaverse may bring huge types of benefits in the future but still its ecosystem framework is not precisely known, so every leader in this field is working on their own way to develop Metaverse projects.
Recently a Twitter user, actually a game lover, tweeted about the need for a high-level virtual experience need for the gaming industry. He also claimed that VCs don’t play games, so they can’t understand the needs & problems of gamers.
Vitalik Buterin, the co-founder of Ethereum blockchain, responded to this Twitter user and said that Metaverse is going to happen but no existing VCs can do that.
Further, Vitalik responded to another tweet in the same tweet thread and directly claimed that Meta (formerly Facebook) can’t contribute to the Metaverse because Meta doesn’t know what people want.
“My critique is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. It’s that we don’t know the definition of “the metaverse” yet, it’s far too early to know what people want. So anything Facebook creates now will misfire,” Vitalik said.
Meta failures in the crypto industry
In the past, Meta worked in the crypto industry to launch its Stablecoin Libra via its Diem Association. But huge regulatory hurdles forced Meta to close its project.
Around half year back, Meta sold its all stakes from Diem Association.
But now it is expected that Meta will integrate crypto payment options as an option for its Metaverse users.
Read also: Vitalik Calls Microstrategy CEO a ‘Clown’