Former Google CEO Eric Schmidt Is Skeptical About the Metaverse Concept

Former Google CEO Eric Schmidt Is Skeptical About the Metaverse Concept

Eric Schmidt, who was CEO of Google, has declared that there is confusion about the concept of the metaverse and what it means for people. Schmidt stated that, even with a company like the former Facebook pivoting its operations to occupy the metaverse market, there is still not a clear definition of the concept and how it will affect people’s lives. Metaverse Still Not Defined, According to Google’s Former CEO Eric Schmidt

While there has been a considerable number of companies and firms that are already putting funds into and betting on the growth of the concept of the metaverse, not everyone is so convinced about the subject. Eric Schmidt, an entrepreneur that was formerly CEO of tech giant Google from 2001 to 2011, is in this latter group. Schmidt has expressed a degree of skepticism when it comes to the importance and adoption that this new tech may take on in the future.

This week, at an event in Colorado, Schmidt expressed his thoughts about the metaverse. He declared:

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 ostensibly referencing the step that Meta, formerly known as Facebook, took while pivoting to include metaverse tech as one of the pillars of its operation. Last year, the entrepreneur also took another dig at Facebook, stating that he didn’t think Meta would be the company to shape the metaverse, even if the form it will take is yet undetermined. Metaverse Land and Investments

However, companies and even countries are already very invested in the metaverse, a technology that is currently associated with VR and AR (augmented reality) technologies, and apps that use them. One of the first countries that has considered the metaverse as a key tech for the future is South Korea, which announced in May it would allocate $177 million directly to metaverse platforms, with the idea of kickstarting national companies with an interest in the technology.

Real estate in the metaverse has also been considered a controversial subject by Schmidt. On the issue, he stated:

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, according to Metametric Solutions, a metaverse analytics company, sales of real estate properties in the metaverse are expected to reach $1 billion this year. Tags in this story AR, concept, Eric Schmidt, Google, Meta, Metaverse, Real estate, South Korea, VR

What do you think of the opinion of Former Google CEO Eric Schmidt on the metaverse? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Kuwait-Based Islamic Bank Enters the Metaverse METAVERSE | 22 hours ago E-commerce Giant Ebay Files Trademark Applications Covering Wide Range of Metaverse, NFT Services METAVERSE | 4 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Frederic Legrand - COMEO, Shutterstock.com Previous articleBank of Russia Ready to Legalize Crypto Mining If Miners Sell Minted Coins Abroad Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing