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Metaverse to see a “ton of investments”

Reid Hoffman says the Metaverse is already there and an important part of life, even as it goes through a development cycle that will attract huge investments.

LinkedIn co-founder Reid Hoffman said the Metaverse will face massive development and investment.

In an interview with CNBC on Monday, Hoffman stated that the metaverse is not just a concept or an idea, but something that we already have and are using.

“We’re already at it, it’s already developing and it’s already an integral part of our lives,” he said.

According to the American entrepreneur, the Internet was the “early version” of the metaverse, and many innovations around it already offer a kind of interactive, immersive experience.

“At the moment we are talking through the metaverse. The Internet is almost an early version of that, ”Hoffman told CNBC.

Hoffman says that in the Metaverse a lot of people get into things like immersive environments, with 3D games and 3D hangout rooms adopting the virtual reality concept envisioned for the Metaverse.

The US venture capitalist believes the sector is in a “new giant cycle” and that much remains to be done as industry players seek to get more people to work, play and interact in a virtual reality environment. In his view, this could attract even more investment and development into the metaverse.

“I think there will be a lot of investment going on. I think we are in another big cycle,” he said during the interview.

Hoffman also spoke of Meta (formerly Facebook) as a major player in the Metaverse space, with the company’s massive user base of over 1 billion people and huge investments likely driving key developments in the space.

However, he does not see that meta tends towards a metaverse that is supposed to improve communication in order to gain the upper hand in the short term. Use cases such as in entertainment or gaming have priority.

Aside from Meta, Apple Inc., Google, and Microsoft are other big tech companies involved in the Metaverse.

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