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Monday, March 27, 2023

Former Google CEO Eric Schmidt Is Skeptical About the Metaverse Concept

Former Google CEO Eric Schmidt Is Skeptical About the Metaverse Concept – Not everyone is so convinced of the metaverse, despite the fact that a sizable number of businesses and organizations have already invested in it and gambled on its expansion. 

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This latter group includes entrepreneur Eric Schmidt, who served as CEO of the tech giant Google from 2001 until 2011. When it comes to the significance and adoption that this new technology may acquire in the future, Schmidt has shown some skepticism.

At a gathering in Colorado, Schmidt discussed his views on the metaverse. He publicly declared:

“Despite the fact that one corporation changed the name of its brand in preparation of defining the metaverse, there is still no agreement on what it is.”

Schmidt was ostensibly alluding to the action Meta, formerly known as Facebook, took when it decided to pivot and make metaverse technology one of the cornerstones of its business. 

The entrepreneur also made another dig at Facebook last year, saying that he didn’t think Meta would be the organization to design the metaverse, even though its exact form is still up in the air.

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However, the metaverse, a technology currently connected to VR and AR (augmented reality) technologies and the apps that utilize them, has attracted the attention of businesses and even countries. 

One of the first countries to see the metaverse as a critical technology for the future is South Korea, which declared in May that it would direct $177 million toward metaverse platforms with the goal of igniting local firms interested in the technology.

For Schmidt, the topic of real estate in the metaverse is likewise controversial. On the subject, he said:

“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.”

Meanwhile, sales of real estate properties in the metaverse are projected to hit $1 billion this year, according to Metametric Solutions, a metaverse analytics firm.

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