The creation of a metaverse by Meta is “not going away,” according to Vitalik Buterin, co-founder of Ethereum. The idea of a virtual space, in his opinion, will simply “misfire.” The metaverse is an interactive digital environment where social interactions and business transactions may take place concurrently. It combines offline and online experiences.
Buterin said that venture capitalist Dean Eigenmann could be mistaken about the idea of the metaverse in a tweet in response to the Dialectic co-founder. He claimed that while he is not opposed to the metaverse and is confident that it will materialise, he believes that tech giants like Mark Zuckerberg’s Meta are not “going anywhere.”
It’s important to remember that Meta rebranded from Facebook to Meta in October. Facebook made an effort to change its name in order to better reflect its commitment to creating the metaverse, which CEO Mark Zuckerberg plainly believes will eventually become a reality. Facebook also owns the Oculus VR gaming system, and it doesn’t want to fall behind in the race to join the metaverse. The firm rebranded after spending $2 billion to purchase Oculus, a maker of VR headsets with a focus on gaming, in 2014.
Zuckerberg asserted last year that “I think the metaverse is the next step for the internet.” Although the metaverse is the next frontier, we are a firm that produces technology to connect people, despite the fact that we are now viewed as a social network company.
Facebook itself defines the metaverse as allowing users to socialise with individuals even when they are not present in the same physical location. “You’ll have plenty of opportunities to socialise with friends, work, play, study, shop, create, and more. Making the time you do spend online more meaningful is the goal, not necessarily spending more time online, according to the business.
The metaverse division, meanwhile, missed profits for the second consecutive quarter. Reality Labs claims that Meta’s metaverse generated earnings of $452 million, down from the prior quarter’s $695 million. In the first quarter of 2022, the division previously recorded a $2.9 billion deficit.
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