Reid Hoffman claims that the metaverse exists and is an integral part of human life. However, it is still in a development cycle which will attract significant investments.
Reid Hoffman, LinkedIn’s co-founder, has stated that the metaverse will see substantial development and investment.
The following is an interviewHoffman shared his thoughts with CNBC on Monday that the metaverse is more than a concept or an idea. It is something that is already present with us and is in use.
He said, “We are already in it; It’s already evolving and it’s already an integral part of our life.”
According to the American entrepreneur, the internet provided the “early version” of the metaverse, and many innovations around it already provide some form of interactive, immersive experience.
“Right now we are speaking through the metaverse. The internet is almost an early version of it,” Hoffman told CNBC.
Hoffman said that the metaverse is experiencing a lot of people getting into immersive environments. 3D games, hangout spaces and 3D gaming are all taking on the virtual world concept Hoffman envisioned for it.
According to a US venture capitalist, the sector is currently in “another big cycle” and there is still much to come as players in the industry seek to make it more realistic for people to work, play and interact in virtual reality. According to him, this could be what draws even more investments and developments into a metaverse.
“I believe there will be a lot of investment there. During the interview, he stated that he believed we were in another major cycle.
Hoffman also spoke about Meta (formely Facebook) as one of the main players around metaverse, with the company’s massive user base of over 1 billion people and huge investment a likely driver of key developments in the space.
However, he doesn’t see Meta’s pivot towards a metaverse meant to improve on communication taking the upper hand short term. You will have to use it in entertainment or gaming industries.
Meta is not the only Big Tech company that is looking into the metaverse. Google, Apple Inc., and Microsoft are also among them.