Former Google CEO Eric Schmidt has stated that there is misunderstanding over the idea of the metaverse and what it represents for humans. Even with a firm like the old Facebook shifting its operations to dominate the metaverse market, according to Schmidt, there is still no consensus on what the term means and how it will effect people’s lives.
According to Eric Schmidt, the former CEO of Google, the Metaverse is yet undefined
Not everyone is as sold on the idea of the metaverse, despite the fact that a sizable number of businesses and organizations have already invested in it and gambled on its expansion. This latter group includes businessman Eric Schmidt, who served as CEO of the technological behemoth Google from 2001 until 2011. When it comes to the significance and adoption that this new technology may acquire in the future, Schmidt has shown some pessimism.
At a gathering this week in Colorado, Schmidt discussed his views on the metaverse. He proclaimed:
There’s not an agreement on what the metaverse is, even though one company has changed its name in anticipation of defining it.
Schmidt was apparently alluding to the action Meta, formerly known as Facebook, made when it decided to pivot and make metaverse technology one of the cornerstones of its business. The businessman also made another jab at Facebook last year, saying that he didn’t think Meta would be the firm to design the metaverse, even if its exact form is yet unknown.
Investments and Land in the Metaverse
However, organizations and even nations have already made significant investments in the metaverse, a technology now connected to virtual reality (VR) and augmented reality (AR) technologies and the applications that utilise them.
One of the first nations to see the metaverse as a critical technology for the future is South Korea, which said in May that it would devote $177 million toward metaverse platforms with the goal of igniting local firms interested in the technology.
For Schmidt, the topic of real estate in the metaverse is likewise debatable. On the subject, he said:
I’m not worried about buying large swaths of private real estate in the metaverse myself. It’s not a concern I have every day.
However, sales of real estate properties in the metaverse are projected to hit $1 billion this year, according to Metametric Solutions, a metaverse analytics firm.