Former CEO of Google: Metaverse is still undefined

Metaverse Still Undefined as per Google’s Former CEO 

While there has been a large number of companies and firms that are already placing funds into and betting on the development of the concept of the metaverse, not everyone is so confident about the subject. Eric Schmidt, an entrepreneur that was formerly CEO of tech giant Google from 2001 to 2011, is in this latest group. Schmidt has expressed a degree of suspicion when it comes to the significance and adoption that this new tech may take on in the future.

Former Google CEO

The former CEO of Google has stated that there is confusion about the concept of the metaverse and what it signifies for people. Schmidt remarked that, even with a company like the former Facebook swinging its operations to occupy the metaverse market, there is still not a precise definition of the concept and how it will impact people’s lives.

This week, at an event in Colorado, Schmidt conveyed his thoughts about the metaverse. He expressed that there is no agreement on what the metaverse is, even though one company has altered its name in anticipation of defining it.

Schmidt was clearly referencing the step that Meta, previously known as Facebook, took while pivoting to welcome metaverse tech as one of the pillars of its operation. Last year, the entrepreneur also took another poke at Facebook, expressing that he didn’t think Meta would be the company to shape the future of metaverse, even if the form it will take is yet uncertain.

Also read, Bill Gates’s Criticism on NFTs and Cryptocurrencies

Virtual Land & Investments

Despite the uncertainty, companies and even countries are already being very supportive of the metaverse, a technology that is presently associated with emerging technologies such as VR and AR, and apps that utilize them. One of the first countries that believed the metaverse as a key tech for the future is South Korea, which announced in May it would allot $177 million straight to metaverse platforms, with the belief of kickstarting national companies with an interest in the technology.

Real estate in also been deemed a controversial subject by Schmidt. On the subject, he remarked that he is not worried about purchasing large swaths of private real estate in the metaverse himself. It’s not a concern he has every day.

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Regardless of Schmidt’s remarks, according to an analytics company, sales of virtual real estate properties are anticipated to reach $1 billion this year.

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