Former Google CEO, Erik Schmidt, says the metaverse term still does not have a unified explanation "even though one company has changed its name in anticipation of defining it," CNBC reports.
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Speaking at the Aspen Ideas Festival in Aspen, Colorado, the billionaire noted there's still confusion when people try to guess how the metaverse might affect global relations. He said:
"There's not an agreement on what the metaverse is, even though one company has changed its name in anticipation of defining it."
In May, Andreessen Horowitz (a16z) launched a $600 million fund aimed at the metaverse industry. The firm said that the so-called GAMES FUND ONE will back game studios, infrastructure services and games themselves similar in their business model as Fortnite, League of Legends or Minecraft.
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