Calling the product a "game-changer" during an interview on "Mornings with Maria" on Thursday, Scotti stressed that 5G is the "future of growth for Verizon."
With each new generation of wireless technology comes updated infrastructure and technological developments in terms of what that wireless service can achieve within a select time frame. 5G is expected to help artificial intelligence technology become more advanced and useful in our everyday lives.
"I think we will see an acceleration of these new technologies," Scotti said.
Verizon’s 5G Ultra Wideband will offer more than 100 million people in more than 1,700 different cities across the country access to speeds up to 10 times faster than 4G, according to the company.
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Scotti stressed that the network will not only allow people to have "regular 5G," but "a premium product" that is much faster and "safer" than WiFi.
He argued that the product is going to "change the way people interact with technology."
The "metaverse," is envisioned as an immersive online space where users can play games and interact with others as avatars in a computer-generated environment.
According to industry experts, people will be able to shop and attend virtual concerts as well as sporting events in the metaverse.
While the term dates back to 1992, in October, Facebook CEO Mark Zuckerberg announced that his company would change its name to Meta Platforms Inc., and also disclosed plans to transition it into a "metaverse company."
"We designed this 5G Verizon network with the metaverse in mind," Scotti said.
He argued that in order "for people to be able to combine the real physical world with experiences that happen digitally," the speed and computing power of 5G is necessary.
Scotti also noted that for consumers to be able to have quality Virtual Reality and Augmented Reality experiences, "you can’t do that with WiFi," and, therefore, 5G is needed.
He went on to argue that the technology is needed now more than ever, especially because the COVID-19 pandemic has accelerated changing consumer behaviors as it pertains to the way they work, access entertainment and learn.
"I think we are going to see an acceleration of this new technology," Scotti told Bartiromo. "And think about it, Now, one in three customers already have a 5G device in their hands and then you put 5G in homes, it is incredible."
FOX Business’ Audrey Conklin, Lacey Christ and The Associated Press contributed to this report.