Apple Inc. answered a question about the metaverse during its Q1 2022 earnings call last week. CEO Tim Cook was asked, “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.”
Cook elaborated, “Right now, we have over 14,000 ARKit apps in the App Store, which provide incredible AR [augmented reality] experiences for millions of people today,” emphasizing:
We see a lot of potential in this space and are investing accordingly.
Several people have estimated the potential size of the metaverse to be multitrillion dollars. Global investment banks Goldman Sachs and Morgan Stanley have estimated the metaverse to be an $8 trillion market opportunity.
In December, Bank of America’s strategist, Haim Israel, said that the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies. “I definitely believe this is a massive, massive opportunity,” he opined.