Developed Countries Compete To Develop Metaverse, Former Google CEO: The Concept Is Still Not Clear

The concept of the metaverse is not yet clear, according to former Google CEO Eric Schmidt. (Unsplash)

JAKARTA – In the midst of the hectic development of the metaverse carried out by developed countries such as South Korea and the United Arab Emirates, various companies have even begun to enter the digital world.

Meanwhile, former Google CEO Eric Schmidt shared his views on the metaverse. According to him, many people are still confused about the concept of the metaverse.

Schmidt stated that, even with companies like Facebook previously rotating their operations to occupy the metaverse market, there is still no clear definition of the concept and how it will affect people's lives.

While there are many companies and firms that have invested in and for the growth of the metaverse, not everyone is so convinced about this subject. Eric Schmidt, an entrepreneur who previously served as CEO of tech giant Google from 2001 to 2011, belongs to the latter group.

Schmidt has expressed a degree of skepticism about the importance and future adoption of this new technology. Recently, at an event in Colorado, Schmidt expressed his thoughts on the metaverse.

“There is no agreement on what the metaverse is, although one company has changed its name in anticipation of defining it,” said Schmidt.

In this context, the company is Facebook which later changed its name to Meta to fully dive into the development of the digital world. Schmidt stated that he doesn't think Meta will be a company capable of shaping a metaverse, even if its shape hasn't been determined.

In addition, Schmidt also responds to the real estate phenomenon in the metaverse. According to him it was a controversial subject by Schmidt.

“I myself am not worried about buying large swaths of private real estate in the metaverse. It's not a problem I have every day."

Even so, according to a report from the metaverse analytics company, Metametric Solutions, stating that sales of real estate properties in the metaverse are predicted to reach 1 billion US dollars by 2022.