The metaverse went wrong – Vitalik Buterin

Ethereum co-founder Vitalik Buterin does not hide his skepticism regarding metaverses. He is bewildered by everything: the marketing decisions of this concept and its perception

The two-day BUIDL Asia 2024 conference kicked off today in Seoul, South Korea.. Ethereum co-founder Vitalik Buterin also spoke at the event.. He explained why the current understanding of the idea of metaverses upsets him so much.

Everything is wrong, we’re redoing it

Vitalik Buterin categorically disagreed with the current interpretation of the idea of metaverses and virtual reality. He stated that today this technology is perceived more as a brand than as a genuine product.

“We still don't have a clear definition of what the metaverse is. Because of this ambiguity, it is often perceived more as a brand than a product.. Everyone seems to have this abstract idea of some sort of virtual universe that anyone can enter and that belongs to no one.. It is frequently associated with virtual reality, where the aspirations are simpler, akin to the desire to have a laptop without a laptop,” says Buterin.

Apple CEO Tim Cook agreed with Buterin on this.. Back in 2022, he stated that the average Internet user could hardly comprehend what the metaverse is or explain the essence of its concept:

“I think it’s important that people understand the essence of something. And I very much doubt that an ordinary person can explain what the metaverse is.”

Read also: Vitalik Buterin spoke about “rainbow staking”

The best option

However, everything was not intended to be like this, said the co-founder of Ethereum. He recalled that the metaverse was originally conceived as a decentralized virtual world. Within the scope of this concept, it could be based on:

  • immersive social experience;
  • avatars;
  • augmented reality (AR);
  • blockchain technology.

Read also: Vitalik Buterin figured out how to protect Ethereum from quantum threats

This approach assumes that to unlock the true potential of the metaverse and utilize all its capabilities, it is necessary to integrate various elements of the digital world into it. These include cryptocurrency, VR, AR, and artificial intelligence (AI).

By merging these components, Vitalik Buterin believes, it will be possible to create a truly captivating and decentralized virtual environment.

Read about how to earn real money in virtual reality in our special feature.

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