Companies’ current attempts to create a metaverse will get nowhere, because people don’t yet “know” what it should look like. This was stated by the co-founder of Ethereum Vitalik Buterin.

The “metaverse” will happen, but I don’t think any of the current corporate attempts to intentionally create the metaverse are going anywhere. https://t.co/tVUfq4CWmP

— vitalik.eth (@VitalikButerin) 30 July 2022

“The metaverse is coming, but I don’t think current corporate attempts at deliberately creating a virtual world are going anywhere,” he wrote.

Buterin’s words were a response to developer Dean Eigenmann. Second, he noted that metadata is a viable concept, but unlikely to be applied on the basis of the tools “venture investors are now investing in”.

Other distinguished 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 was that the advanced research equipment was state-of-the-art, creating a rare necessary condition in favor of major officials. Without Mission 2, the idea isn’t even discussed.

— Venkatesh Rao (@vgr) 30 July 2022

“My criticism goes much deeper than ‘Wikipedia’ metadata will beat Britannica’s metadata.” The thing is, we don’t know the definition of a “metaverse” yet. It’s too early to know what people really want. Therefore, now everything Facebook creates will be misfired,” Buterin replied.

Rao added that Meta’s sole aim is to dominate the hardware market:

“Until an open source headset passes [Oculus] They are looking for value for money, they will hold the desired position regardless of the context.”

Anatoly Yakovenko, founder of Solana, also believes that large companies will continue to be 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 expensive as they are attached to photos or short-form video or text. As long as this is true, the metaverse will lean towards major studios.

— SMS T◎ly, 🇺🇸 (@aeyakovenko) 31 July 2022

Recall that analysts at Citibank, the largest international bank, predicted that the metaverse economy will grow to $13 trillion by 2030.

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