Apple CEO reveals plans about investing in Metaverse

• Ayushi Abrol
• January 28, 2022

It won’t be wrong to say that Metaverse is the new ‘Big’ thing in the global finance and industrial space. Virtual world technology has emerged as the top trend for multinational companies as well as renowned industrialists. The craze for Metaverse was recently witnessed when the stock price of the world’s leading software firm Apple Inc. climbed up the charts after CEO Tim Cook praised the technology and shared news about its investment in the cluster.

According to the reports, the stock price plummeted by 3% to reach $159.22 during regular trading hours. However, during the after-hours trading, the tables turned in favor of the company and APPL share value rose by 8% to reach a $167.23 figure. The spearhead gave the statement during Apple’s Q1 2022 earnings call on January 27, 2022. When questioned about the firm’s plans for Metaverse exploration, Cook stated that the team sees a lot of potential in the virtual world technology and so are actively investing in the ecosystem. He added that Apple is always interested in exploring new and innovative technologies like Metaverse. The Metaverse was one of the highlight points of the call with the Apple chief, though, its impact was quite loud.  

For the unversed, Metaverse is nothing but a virtual space that is open, interoperable, and highly interactive for those using it. The universe of a Metaverse is designed in part by users for an enriched experience. These clusters allow users to interact in real-time and in a real-like environment. Metaverse is a prominent resource for socialization, gaming, and other live events like concerts, auctions, etc. The space can be easily accessed through a browser, however, the use of Virtual Reality and Augmented Reality solutions is the most preferred option.

In the call, Tim Cook emphasized that Apple provides a cluster of 14,000 apps on its App Store that have been created with the AR developer solution ARKit. These apps can help the users to connect to the Metaverse easily. Meta, one of the strongest competitors of Apple in the Metaverse niche, has used the Oculus headset to push users into the Metaverse world. In contrast to this, Apple is relying on the use of AR technology for the purpose. The team had planned to launch a headset in 2022 but has shifted the release date because of hardware and software complications in the product. The Apple headset will be focused on communication, gaming, and content consumption. The company is taking all the necessary steps to come in sync with its competitor firms like Meta and Microsoft who have managed to lead the path with their development plans related to the Metaverse field.