Erich Schmidt Former Google CEO Unclear of Metaverse Relevance

Erich Schmidt Former Google CEO Unclear of Metaverse Relevance
  • Schmidt recently discussed the metaverse at a conference in Colorado.
  • South Korea stated in May that it would spend $177 million on metaverse platforms.

Many businesses and organizations have already invested money in and bet on the expansion of the metaverse idea, but not everyone is persuaded. This latter group includes Eric Schmidt, a businessman who served as the former CEO of Internet company Google from 2001 until 2011.

According to Schmidt, the relevance and acceptance of this new technology in the future are both up to question. Schmidt recently discussed the metaverse at a conference in Colorado.

Schmidt stated:

“There’s not an agreement on what the metaverse is, even though one company has changed its name in anticipation of defining it.”

Adoption and Growth of Metaverse

Apparently, Schmidt was referring to the pivot that Meta, previously known as Facebook, made in order to embrace metaverse technology as one of the company’s foundational tenets. Even if the form the metaverse will take is still up in the air, the entrepreneur said last year that he did not believe Meta would be the firm to shape it.

Virtual reality (VR) and augmented reality (AR) technologies and applications are already heavily involved in the metaverse, a technology that is now linked. As one of the first governments to recognize the metaverse as essential future technology, South Korea stated in May that it would spend $177 million on metaverse platforms to ignite the growth of local businesses interested in the technology. Schmidt also thought that metaverse real estate was a contentious topic.

It is estimated that sales of real estate properties in the metaverse will surpass $1 billion this year, according to MetaMetric Solutions, a metaverse analytics business.

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