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There is no definition of the metaverse yet

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Former Google CEO Eric Schmidt appears to be among the many Americans who roll their eyes – and scratch their heads – when imagining the metaverse.

On the Aspen Ideas Festival in Aspen, Colorado, this week, Schmidt conveyed indifference and a little bit of confusion when asked how the metaverse might affect global relations. “There’s not an agreement on what the metaverse is, regardless that one company has modified its name in anticipation of defining it,” Schmidt said on Tuesday, alluding to Facebook’s name change to Meta in October 2021.

The tech billionaire, who currently has a net price of $19.3 billion, in keeping with Forbes, said he’s unsure how the long run collection of digital worlds — which, in theory, could enable people to virtually play, travel, work and shop together — will actually affect regular people’s lives day-to-day.

It is a commonly shared perception: Nearly two-thirds of respondents to a recent Axios survey said they weren’t exactly sure what the metaverse even was, and 58% of respondents said they were neither scared nor excited concerning the concept.

That hasn’t stopped global players like Disney, J.P. Morgan, Coca-Cola and Gucci from jumping on the metaverse train, with some shelling out billions of dollars for virtual reality and gaming concepts. In January, Microsoft announced plans to accumulate Activision Blizzard for $68.7 billion, saying that purchasing the makers of video games like “Call of Duty” and “Warcraft” would “provide constructing blocks for the metaverse.”

In March, global investment bank Citi estimated the metaverse – in whatever capability it takes shape – could possibly be price between $8 trillion and $13 trillion by 2030. In anticipation, a mixture of firms and investors spent greater than $500 million on metaverse real estate sales last yr, a number that would potentially double this yr.

“There are big risks, but potentially big rewards,” Janine Yorio, CEO of metaverse real estate investor and advisory firm Republic Realm, told CNBC in February.

But Schmidt is not sold by the concept of shopping for up virtual land for some unknown future use — especially, he said, because he suspects the primary iterations of the metaverse will revolve around gaming and digital currency. The billionaire didn’t expand on what exactly that might appear like – but he’s previously said he’s uncertain Meta shall be the corporate to launch it.

On Tuesday, Schmidt suggested that if people, firms or governments ever do must own virtual land, it’ll be far into the long run.

“I’m not apprehensive about buying large swaths of personal real estate within the metaverse myself,” he said. “It is not a priority I actually have each day.”

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