During its Q1 2022 earnings call last week, Apple Inc. responded to a query about the metaverse. “How are you thinking about the metaverse possibilities and Apple’s involvement in that market?” CEO Tim Cook was asked.
The Apple CEO responded, “We’re a firm that’s in the business of innovation.” “As a result, we’re continually looking at new and upcoming technologies.” And I’ve already mentioned how fascinating this region is to us.”
“Right now, there are over 14,000 ARKit apps in the App Store,” Cook continued, “which enable fantastic AR [augmented reality] experiences for millions of users now.”
“We see a lot of potential in this space and are investing accordingly.”
The metaverse’s potential size has been estimated to reach multitrillion dollars by several people. The metaverse is expected to be a $8 trillion business opportunity by global investment banks Goldman Sachs and Morgan Stanley.
Haim Israel, a strategist at Bank of America, said in December that the metaverse is a huge possibility where cryptocurrencies will be widely used as currencies. He stated, “I definitely believe this is a big, massive opportunity.”
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