Eric Schmidt, the former CEO of Google, stated that there is still confusion over the concept of metaverse and its meaning for people. Schmidt said that even though a company like Google has moved to the metaverse market, it is not clear what the concept means and how it will impact people’s lives.
There have been many companies and individuals who are investing in the idea of the metaverse and bet on its growth. However, not all of them are convinced. Eric Schmidt, an entrepreneur who was the CEO of Google’s tech giant from 2001 to 2011, is part of this group. Schmidt expressed some skepticism about the adoption and importance of this new technology in the future.
Schmidt spoke out about the metaverse at an event held in Colorado this week. He declared
Even though one company changed its name to be ready for the definition, there is no agreement about what the metaverse looks like.
Schmidt was referring to the metaverse tech integration that Meta (formerly Facebook) made during its pivot. The entrepreneur took another dig at Facebook last year, saying that he did not believe Meta would be the right company to create the metaverse, even though the form is still unknown.
Metaverse Land and Investments
Companies and countries have already invested heavily in the metaverse technology. This technology is associated with AR and VR (augmented reality) technologies and apps that use them. South Korea was one of the first to recognize the metaverse as an important tech for the future. In May, it announced that $177 million would be allocated directly to metaverse platforms. This is in order to kickstart national companies interested in the technology.
Schmidt also questioned the validity of real estate in the metaverse. Schmidt stated that he was not averse to the topic.
I don’t worry about purchasing large amounts of private real property in the metaverse. It is not something I worry about every day.
According to Metametric Solutions (a metaverse analytics company), sales of metaverse real estate properties are expected reach $1 billion in this year’s metaverse.