{"id":150955,"date":"2022-01-28T21:53:03","date_gmt":"2022-01-28T21:53:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=150955"},"modified":"2022-01-28T21:53:03","modified_gmt":"2022-01-28T21:53:03","slug":"apple-ceo-tim-cook-confirms-the-company-sees-potential-in-the-metaverse-space","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/blockchain\/apple-ceo-tim-cook-confirms-the-company-sees-potential-in-the-metaverse-space\/","title":{"rendered":"Apple CEO Tim Cook Confirms the Company Sees Potential in the Metaverse Space"},"content":{"rendered":"
Apple CEO Tim Cook in a recent investors call said that Metaverse applications have a lot of potential and that the company is actively investing in augmented-reality developments on its products.<\/strong><\/p>\n Shortly following Cook\u2019s comments during the firm\u2019s Q1 2022 earnings call, the price of Apple stock jumped in after-hours trading.<\/p>\n Cook added that he sees considerable potential in the Metaverse. Specifically, Cook was replying to a question about Apple\u2019s opportunities within the Metaverse.<\/p>\n He said:<\/p>\n \u201cWe see a lot of potential in this space and are investing accordingly.\u201d<\/strong><\/p>\n<\/blockquote>\n Adding:<\/p>\n \u201cWe\u2019re always exploring new and emerging technologies and I\u2019ve spoken at length about how it\u2019s very interesting to us right now.\u201d<\/strong><\/p>\n<\/blockquote>\n For the uninitiated, the Metaverse is essentially a virtual universe that enables users to socialize in a digital way. Some of the leading Metaverses today belong to projects such as Decentraland (MANA) and The Sandbox (SAND), among others.<\/p>\n While users can access the Metaverse through web browsers, it is best experienced with virtual reality (VR) and augmented reality (AR) devices.<\/p>\n At the time of writing, APPL\u2019s price sits at $159.22 during regular trading hours. However, data from after hours trading indicates the price of the stock to be $167.23. Whether the Metaverse news is the sole reason for APPL\u2019s stock price rise remains to be seen.<\/p>\n While the idea of living in a virtual might sound a little outlandish to many, it is not beyond the realms of possibility seeing the rapid growth of social media platforms over the past decade.<\/p>\n To date, several high-profile tech firms have already expressed their desire to be involved in the Metaverse economy.<\/p>\n Most famously, social media juggernaut Facebook rebranded to Meta to indicate the company\u2019s new vision which focuses on creating an immersive Metaverse for all its users.<\/p>\n Similarly, several sports brands have also shared plans of building in the Metaverse.<\/p>\n For instance, on January 22, BTCManager<\/em> reported that Adidas had partnered with Prada to auction an NFT to foster the Metaverse ecosystem.<\/p>\n At press time, the total market cap of Metaverse tokens stands at $16.3 billion, according to data from CoinGecko.<\/p>\n<\/span>Apple Investing in the Metaverse
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<\/span>Companies Betting Big on the Metaverse<\/strong><\/span><\/h2>\n
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