Last week, during its Q1 2022 earnings call, Apple's CEO Tim Cook answered a question about the company involvement in the metaverse.
“How are you thinking about the metaverse opportunity and Apple’s role in that market?”
“We’re a company in the business of innovation,” the Apple CEO replied. “So we’re always exploring new and emerging technologies. And I’ve spoken at length about how this area is very interesting to us. We see a lot of potential in this space and are investing accordingly.”
The Metaverse is an interoperable virtual universe created, in part, by users that offers socialization, gaming and even live concerts. Although it can be accessed with a browser, the experience is better with virtual reality (VR) or augmented reality (AR).
Global investment banks Goldman Sachs and Morgan Stanley have estimated the metaverse to be an $8 trillion market opportunity. A Bank of America’s strategist said that the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies.