Apple Inc. shared a glimpse of its future ventures in the metaverse as CEO Tim Cook talked about the company’s expected entry into augmented reality (AR) last week.
The Cupertino-based company currently has 14,000 available AR applications on the App Store and Cook suggested that they will proceed to increase this number in the following months.
When pressed by AppleInsider on the specifics of their plans, Cook merely said that Apple is “a company in the business of innovation,” and that he personally sees “a lot of potential” and is “investing accordingly.”
Very Interesting
According to Cook, they are “constantly investigating” new and emerging technologies, and that he has spoken extensively about “how exciting it is for us right now.”
There have been talks that Apple is working on a virtual reality (VR) headset which is bound to be released in the latter part of 2022, intended for shorter activity sessions, diverting away from the usual long-term “metaverse” immersive experience.
AR/VR headsets have long been dominating the games, entertainment, and educational scenes with the growing popularity of the metaverse.
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While most tech startups and giants are leaning towards giving people a long-term and in-depth usage of their headsets, Apple is rumored to be doing the opposite.
Bloomberg’s Mark Gurman, a renowned Apple analyst, said the company’s upcoming AR headset is a teaser for how the company will move with their AR venture.
Metaverse, Gurman wrote in his Power On newsletter, is one word he’d be surprised to hear on stage when Apple announces its headset.
Alternative Metaverse?
Apple’s ventures no longer come off as a shock since the company has long hinted its interest towards the augmented reality scene, with Cook even calling himself “AR fan number one.”
The odd part of Cook’s statements is that he never once used the term “Metaverse.”
A look at Apple shares of the years | Source: APPL on TradingView.com
It seems like Apple is moving away from the so-called “metaverse” vision in favor of shorter and user-friendly experiences.
“I’ve been told that the notion of a totally virtual world where users can escape is off limits from Apple,” wrote Gurman.
The metaverse is a 3D virtual and augmented reality space, created in part to offer users socialization, gaming, and other forms of entertainment.
The $8 trillion Market
Major banks and analysts have recently recognized the metaverse’s market opportunities and potential. Goldman Sachs and Morgan Stanley estimate that the metaverse represents an $8 trillion market opportunity.
Recently, Facebook has been spearheading some of its latest innovations as the social networking company rebranded to Meta.
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Despite the uncertainties, tech enthusiasts are definitely thrilled with this news.
Meanwhile, Apple (AAPL) stocks had dropped about 3% to $159.22 during regular trading hours but also climbed 8% to $167.23 in extended sessions after the call.
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