Ethereum co-founder Vitalik Buterin made some comments on the Metaverse over the weekend that have offered little confidence to the corporate efforts being made to build the Metaverse. In his words, he is confident that the Metaverse is a dream that will be realized but he remains adamant that the current corporate efforts to intentionally create the metaverse are not actually going anywhere.


He made this statement yesterday in response to Dialectic’s Dean Eigenmann’s ideas on the future of the Metaverse and how the capital venture firms are thinking the whole thing will play out. He said that it’s still too early to define the Metaverse because it’s still too early to know what people will want.


His statements were followed by a sly dig at Meta (formerly known as Facebook) which is trying to monopolize the Metaverse as it has done with social media. He said that anything Facebook is trying to create now will misfire because any existing corporate attempts to create the metaverse are not producing any results.


Meta has already been in trouble because of its monopolistic approach. The company dumped its big cryptocurrency aspirations as global policymakers and regulators clamped down on them. Last week, the Federal Trade Commission (FTC) filed a complaint against them because they were trying to buy a metaverse-based company. The FTC wrote that Meta was trying to buy their way to the top instead of competing on merits.


Vitalik’s comments mean that Meta/Facebook is trying to monopolize the metaverse without actually knowing what people want. If Meta succeeds with their ambitions, the Metaverse will no longer be a safe place for people who value their online safety and data privacy. It will just be another tool for Meta to bombard people with needless ads while spammers and scammers infiltrate the web 3.0 as they have done to Meta’s web 2.0’s platforms.


Whether it is Meta or not, any firm with heavy VC backing will primarily be more concerned with centralization and profiteering rather than with what people really want. Companies like Andreessen Horowitz (a16z) have invested hundreds of millions into Metaverse projects over the past years which guarantees them loads of governance tokens which will give them more control over the metaverse space than the people who actually use it. It is increasingly unlikely that the metaverse will turn out to be the open, decentralized platform we are looking for in the end because of reasons like this.


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