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Metaverse market forecast by Vitalik Buterin: Current attempts to create Metaverse are doomed to fail

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metaverse stock forecast

The existing attempts of corporations to create Metaverse will lead nowhere because people do not “know” what it should look like yet. 

Metaverse forecast analysis

Ethereum co-founder Vitalik Buterin stated this. Against this backdrop, the metaverse market forecast has become less positive. 

“Metaverse will emerge, but I don’t think the current attempts by corporations to deliberately create a virtual world will lead to anything,” he wrote.

Buterin’s words were a response to developer Dean Eigenmann. They were immediately reflected in the metaverse growth outlook. The latter noted that Metaverse is a workable concept, but that it is unlikely to be implemented based on the tools in which “venture capitalists are now investing money.

Other prominent community members also joined the discussion. Ribbonfarm blog author Venkatesh Rao stressed that the market is in a unique situation in which reliance on the hardware component puts the big players in an advantageous position.

“My criticism goes deeper than ‘Wikipedia’s Metaverse will beat Britannica’s Metaverse.’ The fact is that we don’t yet know the definition of the Metaverse. It’s too early to know what people really want. So anything Facebook creates now will misfire,” Buterin responded.

Rao added that Meta’s only goal is to dominate the hardware market:

“Until the open-source headset surpasses [Oculus] Quest in terms of price/quality ratio, they will hold the position they want, regardless of what happens with the content.”

Solana founder Anatoly Yakovenko, making a metaverse stock forecast, also believes that large corporations will remain the main players in this market for the foreseeable future. According to him, this is primarily due to the cost of producing complex games. But in a more global perspective it is impossible not to mention the prospects of metaverse growth forecasts. 

Metaverse market forecast – other forecasts

Earlier analysts at the largest international bank Citibank gave the metaverse growth outlook to $13 trillion by 2030. Metaverse forecast accuracy may be questionable, but to date the excitement around the new industry is actively growing. 

Cryptocurrency

Voyager Digital is restructuring and preparing for sale

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Cryptocurrency broker Voyager Digital said it is preparing a plan to restructure and resume cash withdrawals from the platform

According to Voyager Digital, the company has developed a plan that includes its potential sale. Unnamed sources at Voyager say the company has received several buyout offers that were “higher and better” than the earlier FTX offer.

Judicial authorities have agreed to a submitted restructuring plan, and approved bidding procedures, should a sale of Voyager crypto assets be considered appropriate. In doing so, the court set an Oct. 3 date as the deadline for filing claims against Voyager. The company’s next hearing date is set for Sept. 8.

Additionally, Voyager said it plans to “restore access” to deposits and cash withdrawals, which would be another step for the company to restructure and regain customer confidence:

“Yesterday, the court approved our proposal and restored access to cash held in accounts at Metropolitan Commercial Bank. We realize how important it is to have access to our funds. Access to the Voyager app to withdraw cash in U.S. dollars is expected to resume on Aug. 11. The daily limit per user will be $100,000.”

Recall that cryptocurrency broker Voyager Digital received approval from the New York District Court to pay customers some of the funds from the $350 million blocked earlier in the bankruptcy case.



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Mike McGlone: Ethereum and Bitcoin oversold

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Bitcoin oversold

A senior commodities strategist at Bloomberg Intelligence believes that according to technical analysis of the market, leading cryptocurrencies are selling below their real value.

Mike McGlone drew on a lot of observations, but focused on a specific indicator that showed Bitcoin oversold and Ethereum oversold. 

“The benchmark cryptocurrency hit its lowest level since the 100-week moving average in July. This situation represents an extreme discount on a sustained bullish trend in the market.”

The analyst stressed the importance of stocks, which have repeatedly shown a marked correlation with bitcoins. The Bloomberg expert notes that the role of the Federal Reserve (Fed) should not be underestimated.

“Not trying to go against the Fed. That’s my firm belief, especially when it comes to high-risk assets,” McGlone said.

Bitcoin and cryptocurrencies were a key part of the 2021 rush, and bitcoin and ether will still come out ahead in 2022, he said:

“Bitcoin is on its way to becoming a global digital security, and Ethereum has become a major driver of the digital revolution, as evidenced by the ability to use the most widely traded cryptocurrencies, dollar tokens.”

Anthony Scaramucci, founder of the crypto fund SkyBridge Capital, based on his experience investing in cryptocurrencies, believes that BTC and ETH are fundamentally undervalued and technically oversold.



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Cryptocurrency

Chainlink protocol developers refused to support next Ethereum fork

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Ethereum is preparing to switch to PoS, and the community expects forks of the second cryptocurrency to appear on the old PoW algorithm. However, Chainlink developers do not plan to support the next Ethereum fork.

The developers of the Chainlink decentralized oracles network emphasized that oracles will work both during the next Ethereum fork on the Proof-of-Stake (PoS) algorithm and after that. However, they warned that forks of the second cryptocurrency, including on Proof-of-Work (PoW), are not planned to be supported.

“This decision is consistent with Ethereum Foundation decisions and the general view of the Etherium community,” Chainlink said on its website.

Developers have also advised decentralized app creators to disable functionality during the merger to “avoid unforeseen incidents and protect end users.” Also, developers need to make sure that dependencies on external projects and applications will work after the transition of Etherium to PoS.

As a reminder, Chandler Guo, a major Chinese ether miner, previously announced a new ETHPoW minority network for miners who want to “escape” from Etherium 2.0.



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