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Ethereum Founder Vitalik Buterin Says Metaverse “More Brand Name Than Product”

Last Updated March 27, 2024 5:57 PM
Shraddha Sharma
Last Updated March 27, 2024 5:57 PM
By Shraddha Sharma
Verified by Peter Henn

Key Takeaways

  • Ethereum co-founder Vitalik Buterin suggests that Metaverse is currently mere hype.
  • Speaking at BUIDL Asia conference in Seoul, Buterin said that the Metaverse was “poorly defined”.
  • Despite the skepticism, market projections indicate it could surpass a valuation of $500 billion by 2030.

Ethereum co-founder Vitalik Buterin has critcized the Metaverse, calling it “poorly defined”. Speaking at the BUIDL Asia conference in Seoul, Buterin said that people see the Metaverse as more of an idea or brand rather than a fully realized product or service.

Is his skepticism justified considering the market size and future projections?

Is the Metaverse Just a Branding Ploy?

During his speech , Buterin expressed concerns over the Metaverse’s vague definition, suggesting it’s often mistaken for virtual reality (VR) alone.

He said: “It’s envisioned as a virtual universe where everyone can participate and is not owned by anyone.”

Buterin emphasized that while VR is an essential component, the true essence of the Metaverse goes beyond just being a digital space. He claimed it was all about creating an accessible universal platform, not owned by any single entity.

He added: “It’s frequently associated with virtual reality, where needs are simpler, akin to wanting a laptop without the laptop.

“It’s super useful but not really a verse’.”

Currently, tech giants including Apple, Google, Microsoft, and Meta are working in the immersive reality and metaverse sectors. Indeed, Facebook rebranded its company to Meta to link itself to in the metaverse.

Surging Market Projections 

Despite, perhaps warranted skepticism about the current state of the Metaverse, market projections tell a story of rapid growth. According to Statista , the Metaverse market is expected to skyrocket to $74.4 billion in 2024, with a compound annual growth rate (CAGR) of 37.73%. This will lead to a projected market volume of $507.8 billion by 2030. The United States is a crucial market for metaverse expansion, with a projected market volume of $23 billion in 2024. Meanwhile, Statista predicts user penetration will increase from 14.6% in 2024 to 39.7% by 2030.

Metaverse performance as reflected by tokens tracked by CoinGecko , showcases a total market cap of $17.4 billion on March 27 2024. 

Platforms like Render, FLOKI, Axie Infinity, The Sandbox, and Decentraland are among the top performers on the list.

Metaverse is Not Just Meta

Buterin’s emphasis on a more defined and comprehensive Metaverse comes at a time when several companies are making launches in the field.

While the statements by the Ethereum co-founder indicate that the market is still in its early stages, market projections indicate that the space could quickly evolve. Then again, people said much the same thing in 2021, and their hopes have yet to come to fruition. 

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