Vitalik Buterin Shares His Perspective on Corporate Development of the Metaverse

Canadian programmer and Ethereum (ETH) co-founder Vitalik Buterin believes that any corporate move to hasten the practicality of the Metaverse will fail. 

He specifically mentioned that Facebook’s Metaverse transition would misfire. Vitalik shared this perspective as a response to Dean Eigenmann’s tweet which suggested that the metaverse will not be actualized the way venture capitals are going about funding currently.

According to 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.” He speculates that it is too early to know what people want.

At the beginning of the year, American social media unicorn, Meta Platforms Inc., began considering creating its non-fungible tokens (NFTs) on its daughter platforms, Facebook and Instagram. 

With the new feature, content creators will be able to use NFTs as their profile pictures. As part of the move into the Metaverse, the social media giant planned to also develop an NFT marketplace where the digital tokens will be minted, bought, sold, and stored.

In May, the integration process started on Instagram. Subsequently, at the beginning of July, Facebook commenced the process fully by testing the NFTs with selected content creators on its platform. 

The creators were permitted to display some of the NFTs on their timelines.  Most of the NFTs were Polygon (MATIC) and Ethereum (ETH) based with a few from Solana and Flow as well. Facebook is one of the platforms that are keen on transitioning to the Metaverse and has since been working on it following its rebranding to Meta.

Backlash on Corporate Development of the Metaverse

Vitalik holds a contrary opinion on Facebook’s push into the Metaverse. He generally believes that the Metaverse is bound to happen no matter what but consciously trying to create it is what won’t work as most corporate companies are aiming to develop it themselves.  

Conclusively, a survey carried out by the World Economic Forum (WEF), showed that developing countries are Metaverse-enthusiast as compared to other high-income countries. The result from the poll showed that the different digital and blockchain concepts, virtual reality (VR) had a recognition level of 80%, followed by augmented reality (AR) at 61%, and the Metaverse which had 52%.

This knowledge is essential as it would impact the potential metaverse product development per location and general demography.