The metaverse has been a heated topic, and brands are scrambling to have a share of the space estimated to have a massive valuation in coming years. Apple is the latest tech giant to announce metaverse plans.
Apple’s CEO, Tim Cook, hinted about the company’s metaverse plans during an earnings call for the first quarter of 2022. Cook noted that there was potential for growth in the metaverse.
Apple sees potential in the metaverse
During the earnings call on January 27, Cook said that Apple saw potential in the metaverse space and it was investing accordingly. He also noted that the company was looking towards new and innovative technologies. “I’ve spoken at length about how it’s very interesting to us right now,” he added.
The metaverse is a virtual world that allows users to have control. Some of the possibilities of the metaverse include socialization, gaming and live events. The metaverse is possible on browsers. However, virtual worlds are mostly accessed through virtual reality (VR) and augmented reality (AR).
Following this news, Apple’s stock price has made a strong recovery. The stock has recovered from a previous downtrend, and it has gained by 8% to trade at $167.23. Before this, the stock had dipped by around 3% to $159.22.
Focusing on AR technology
During the January 27 earnings call, Cook said that the company had developed 14,000 applications on the App Store. These apps have been created using ARKit, an AR developer platform. Apps on this platform can allow users to venture into the metaverse.
The strategy taken by Apple is different from the one taken by other tech giants such as Meta. Meta, formerly Facebook, has gone all-in with its metaverse plans. The company is developing the Oculus headset to offer an immersive metaverse experience.
Apple had planned to release its headset in 2022, but it could be delayed until 2023 because of software and hardware challenges. However, this headset will not focus on metaverse experiences. Rather, it will revolve around gaming, communication and content.
Apple’s metaverse plans are also lagging behind those of Microsoft. Microsoft is also moving ahead with public plans to venture into the metaverse. The company is already developing a virtual space for its Xbox. Recently, Microsoft announced the purchase of Activision Blizzard. The latter was acquired for $69B, and it will allow Microsoft to expand towards metaverse gaming.
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Source: https://insidebitcoins.com/news/apples-stock-records-slight-gains-amid-metaverse-announcement