The Metaverse has everyone’s attention as it has a lot of potential to offer endless opportunities. This is the kind of technological advancement that was always anticipated to catch the eye of big high-tech companies and firms such as Apple.
According to a recent interview, the CEO of Apple, Tim Cook stated that the company sees a lot of potential in the Metaverse and is “investing accordingly.”
Shortly after Cook’s response to a question, a significant jump in Apple’s stocks was seen.
There is also quite the connection between the crypto space and Metaverse as NFTs and DeFi are anticipated to rule the crypto space starting this year.
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Apple’s Investment and Surge in Stocks
There was a call for Apple’s Q1 2022 earnings, during which, CEO Tim Cook was asked about the company’s opportunities within the Metaverse.
To this, Cook responded:
“We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”
The Metaverse is set to revolutionize everything and take gaming, socializing and events to a whole new level. This fascinating virtual universe can be accessed with a browser. However, the experience is even more riveting with virtual reality (VR) or augmented reality (AR).
Before Apple’s investment in the Metaverse, a drop of 3% to $159.22 was seen during regular trading hours. However, after Tim Cook’s statement, the stocks jumped approximately 8% to $167.23 in after-hours trading.
According to reports, there are about 14,000 applications available on the App Store that are designed using the AR developer platform ARKit, which can help the users in accessing the Metaverse. The world’s largest company by market cap also plans on developing an Apple headset, which will be focused on communication, gaming and content consumption in the Metaverse. However, the development of the headset has been reportedly delayed due to complications with its hardware and software.
Despite the challenges, Apple is interested in the Metaverse as per Tim Cook’s statement and is relying on AR technology so far.
Are Other Companies Stepping in the Metaverse as Well?
As per reports, several other major companies are interested in the Metaverse as well, Meta and Microsoft, being two of them.
Both the companies have announced public plans to move forwards in the Metaverse. Meta has reportedly leaned towards the Oculus headset to offer users access to Metaverse.
On the other hand, Microsoft has recently invested around $69 billion in Activision Blizzard to expand Metaverse gaming.
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