Ethereum co-founder Vitalik Buterin expressed skepticism about the concept of the metaverse, emphasizing that the current understanding and implementation of this idea significantly differ from the initial expectations. Speaking at the BUIDL Asia 2024 conference in Seoul, South Korea, Buterin stated that the metaverse is often perceived as a marketing brand rather than a real product, which disappoints him.

According to Buterin, many contemporary notions of the metaverse focus on creating a virtual universe accessible to everyone and owned by no one, which is often associated with virtual reality. However, he emphasizes that such understanding simplifies and limits the potential of the metaverse. Apple CEO Tim Cook also expressed doubts about whether the average internet user can accurately define what the metaverse is or explain its essence.

Vitalik Buterin reminded that the original idea of the metaverse involved creating a decentralized virtual world incorporating elements such as immersive social experiences, avatars, augmented reality, and blockchain technologies. Such an approach would unite various aspects of the digital world, including cryptocurrencies, VR, AR, and artificial intelligence, to create a truly engaging and decentralized virtual environment.