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Ethereum's Vitalik Buterin Comes Out as VR Skeptic

Fri, 10/28/2022 - 08:29
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Alex Dovbnya
Ethereum co-founder Vitalik Buterin believes that virtual reality (VR) technology is yet to have its killer app
Ethereum's Vitalik Buterin Comes Out as VR Skeptic
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Ethereum co-founder Vitalik Buterin questioned the utility of virtual reality (VR) in a recent tweet.

Echoing one of the most popular talking points among cryptocurrency skeptics, Buterin argues that "VR for the sake of VR" simply will not work.

Hence, he believes that the technology is unlikely to get serious traction until there are popular applications. Buterin is convinced that such applications do exist (the same also applies to crypto).

Facebook's metaverse gamble backfires

Buterin's comments come after shares of Meta (formerly known as Facebook) plunged 25% lower on Thursday after the company reported a disappointing set of quarterly results. The tech company reported a second consecutive quarterly revenue decline, and it is now on track to record yet another drop during the fourth quarter.

Breaking: Elon Musk Acquires Twitter, Dogecoin Slips

CEO Mark Zuckerberg's personal fortune collapsed by more than $11 billion in a single day.

While the whole sector suffered from losses in 2022 due to unfavorable macro conditions, Meta is taking a particularly hard beating due to its wildly expensive bet on the metaverse that some believe has accelerated the company's death spiral.

The company's metaverse unit lost $9.4 billion, and 2023 is on track to be even worse for the company. While Zuckerberg remains "pretty confident" in the company's current direction, investors now view the once $1 trillion company as a complete trainwreck.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at