The creator of Ethereum 'poured cold water' on Zuckerberg's ambitions

 Vitalik Buterin, the founder of Ethereum, thinks that Mark Zuckerberg may not be on the right track in his ambitions for hegemony in the metaverse.

"It's too early to know what people really want," Buterin commented on Twitter. "So whatever Facebook is creating so far may not be right."

According to him, any attempt by the current Meta to create the metaverse will "go nowhere". As a result, the company pouring billions of dollars into the virtual universe may ultimately "never find a market".

Vitalik Buterin. Photo: AP
Vitalik Buterin. Photo: AP

Buterin is the man behind Ethereum, one of the most popular blockchain platforms and applied to most decentralized systems, including Web3 - an indispensable element for building and trading in the metaverse. The platform's ETH cryptocurrency also ranks second in terms of market capitalization, just behind Bitcoin.

According to Fortune, Buterin's comment was like "dumping cold water" on Zuckerberg's ambition. Late last year, Zuckerberg changed the company's name from Facebook to Meta to pursue the goal of a virtual universe, as well as spending billions of dollars on a research division that includes the virtual reality headsets segment Reality Labs and the virtual platform Horizon Worlds.

In its financial report for the second quarter of 2022, Meta said quarterly profits fell from 43% to only 29% compared to the same period last year. Reality Labs alone reported a loss of nearly $3 billion this quarter.

Zuckerberg has repeatedly acknowledged that Meta's metaverse goals have a long way to go. Building the metaverse is "obviously a very expensive undertaking over the next few years," he said, but believes it will eventually succeed.

"Given the current product limitations and business orientation, I believe developing a new platform will bring us hundreds, even trillions of dollars," Zuckerberg said.
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