Eric Schmidt: There is no single concept of the metaverse

The entrepreneur and former CEO of Google believes that the metaverse industry is far from setting any standards because there are too many players.

Eric Schmidt stated at the Aspen Festival that the very concept of the metaverse is currently in limbo. In his opinion, there is no consensus in the industry about what the Metaverse is, even though one of the largest companies in the world, Facebook, decided to make the Metaverse its central product and changed its name to Meta.

However, Meta will not become the company that will form the standards of the metaverse, the businessman is convinced. There are still too many players on the market who are striving to stand out and invest heavily in a fast-growing industry.

This is to the detriment of the industry, since there is no single standard for the metaverses yet – each company is trying to establish its own rules. However, Schmidt says, one leader in this field has emerged – it’s South Korea. He recalled that at the beginning of the year the country announced that it would invest $185 million in the creation of its own metaverse.

As for real estate in the metaverses, according to Schmidt, this is an empty phrase – while such a business is in its infancy and works only for high-profile headlines. In the form in which digital real estate exists now, the entrepreneur argues, the industry has no future. The first working models of the metaverse will revolve around games and digital assets.

Previously, Schmidt said that Web3 has great potential and is the most interesting direction of the latest technologies.