Tim Cook said during the earnings call that Apple is looking into the metaverse and is putting money into exploring its potential. Cook gave a glimpse of Apple's plans in the space when he was asked about the opportunities presented by the metaverse.
Bloomberg | Getty Images That is a big question. We are always exploring new and emerging technologies because we are a company in the business of innovation. He said that he had spoken at length about how interesting the area was.
Right now, we have over 14,000 apps in the App Store, which provide incredible augmented reality experiences for millions of people.
People can get immersed in the virtual worlds that make up the metaverse with augmented reality headsets. Apple has a development platform for augmented reality.
The metaverse is a term for a virtual world where people can create their own characters and have a presence there.
Facebook refocused its business to the sector and renamed it as Meta. Major corporate brands have jumped into the space, withSamsung opening a store in the metaverse and the Australian Open setting up a tennis Grand Slam tournament in a virtual world to mirror the live one in the last.
Morgan Stanley predicted in December that virtual worlds could be worth $8 trillion. Cook spoke in an analyst call about Apple's fiscal first-quarter earnings report. In the final three months of the year, the company said revenues rose 1 percent.
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