During the company’s Q1 2022 earnings call, CEO Tim Cook revealed their plans for entering the metaverse which allowed the Apple’s stock price to jump up 8% to $167.23 in after hours trading. APPL had rebounded from it’s 3% drop which occured during regular trading hours leaving APPL to stand at $159.22.
During this call Mr Cook confirmed their interest by saying “we see a lot of potential in this space and are investing accordingly.” In addition to this statement the Apple CEO said, “We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”
What once seemed like a long wait, the Metaverse seems to be closer than we expect. With many tech giants exploring the virtual world, it is safe to say that we are closer to including virtual reality day to day activities that we think. This will allow users to experience socialising, gaming and even live entertainment in the comfort of their home or wherever they wish to tune in.
People often confuse the term VR (virtual reality) and AR (augmented reality). AR uses the real-world setting while VR is completely virtual and only creates/enhances a fictional reality, this is done with the help of wearables such as a VR headset device. AR on the other hand can be accessed with a smartphone. AR enhances both the virtual and real world.
Mr Cook pointed out that Apple (APPL) already has over 14,000 apps on its App Store that have been designed using the AR developer platform ARKit. These Apps could help users easily gain access to the Metaverse.
Meta on the other hand has leaned on the VR Oculus headset to immerse users into the Metaverse, Apple is placing its bets so far on AR technology. The plan was for Apple to release their first headset in 2022 but this has been put on hold due to hardware and software challenges. The headset is believed to be focused on gaming, communication, and content consumption.
Photo by Laurenz Heymann