Apple’s Stocks Increase After CEO Reveals Investing In The Metaverse

Apple’s stocks increased after the CEO of the company revealed an investment into the Metaverse as we can see further in today’s latest crypto news.

Tim Cook said during an investor call that the Metaverse applications have a huge potential and that his company will invest in AR Developments on the devices. Apple’s stocks increased in a few hours after CEO Tim Cook said during the earning scall, there’s a huge potential in the metaverse space. When asked about the opportunities in the Metaverse, Cook responded:

“We see a lot of potential in this space and are investing accordingly. We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”

The Metaverse represents an interoperable virtual universe that is created by the users in part and offers socialization, live concerts, events, and gaming. Although it can be accessed with a browser, the experience is much better with virtual reality and augmented reality. APPL dropped about 3% to $159 during a regular trading hour but then jumped by 8% to $167 in after-hours trading. The Metaverse was just one of the topics discussed on the call. AppleInsider reported that Cook pointed out that the company has more than 14,000 apps ont the App store that was designed using the AR developer kit. Apps designed using ARKit can help users gain access to the Metaverse.

Meta leaned towards using the Oculus headset to immerse the users into the Metaverse and apple is now placing bets on the AR technology. The Apple headset will likely be released this year but could be delayed due to hardware and software challenges. Despite Cook’s embrace of the metaverse, the headset in development will focus on gaming, content consumption, communication, and more. The company is still however falling and other tech leaders like Microsoft and Meta are moving ahead with plans to develop in the Metaverse. Microsoft purchased Activision Blizzard for $69 billion and aims to expand into the Metaverse gaming sector.

As recently reported, Apple blocked ETH wallet Gnosis from its App store as the creator Lukas Schor said because of its possibility to display NFTs.