BlockchainMetaverseNews

Former CEO Of Google Believes The Metaverse Is Undefined

According to past Google CEO Eric Schmidt, the metaverse concept is undefined. The entrepreneur believes there should be a defined meaning of what the concept is.

Furthermore, Schmidt noted that Facebook changing its name to Meta does not solve the problem. There is no detailed information on how the nascent technology will change people’s lives.

Eric Schmidt Believes The Metaverse Is Not Well Defined

Over the past months, several companies have invested in the metaverse idea. Also, Facebook has even rebranded its name to Meta and is pursuing its metaverse ambition. 

Additionally, these firms are bullish on the metaverse and believe their valuation would reach trillions. However, not everyone has caught the metaverse fever, with some having no plans for it.

Among these individuals is Eric Schmidt, former CEO Of Google, for ten years. The former executive has expressed skepticism about the importance and future of this nascent technology.

While speaking at a meeting in Colorado, the former CEO expressed his views on the metaverse. He declared that people ought to know how the metaverse would affect them.

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Schmidt stated that:

“Presently, there are several perceptions of the the metaverse is. However, there is no agreement on what it actually stands for. A company even changed its name because of the metaverse.”

Schmidt was referring to Facebook’s step while aligning to its metaverse goal. In 2021, the entrepreneur said that he does not believe Meta would lead the metaverse.

Investments And Real Estates In The Metaverse 

Since the inception of the metaverse, countries, companies, and celebrities have shown interest. The metaverse is a nascent technology that uses virtual and augmented reality. 

Meanwhile, South Korea is among the first countries to consider the metaverse’s potential. In May, the country announced it would invest $177 million on metaverse platforms.

The country aims to create companies that are metaverse-driven. Apart from investing in the metaverse, another growing aspect is real estate purchase.

According to Schmidt:

“I don’t see any issue with buying large parcels of digital real estates on the metaverse. However, it is not a major concern for me.”

Meanwhile, Metametric Solutions noted that estates sales in the metaverse had recently increased. The analytics company said the purchase would reach over $1 billion in 2022.

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Last month, Mckinsey reported that the metaverse would be worth trillions of dollars. Also, it added that gaming would form a huge part of the metaverse when it launches.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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