Companies are looking for ways to define their brand within the Metaverse. Many people predict 2022 will be the year of the Metaverse, but the concept isn’t new. Several companies, including Epic, Roblox, and now Meta, are already building collective virtual spaces where we can work, play, exercise, and socialize together.
Apple CEO Tim Cook says the metaverse has a lot of potential and his company is investing accordingly. “It’s very interesting to us,” he noted. Global investments banks Morgan Stanley and Goldman Sachs have predicted that the metaverse could be an $8 trillion opportunity.
Apple Sees a Lot of Potential in the Metaverse, Says CEO Tim Cook
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.
And, the metaverse Mark Zuckerberg wants to create isn’t some grand virtual experience – it’s the next version of the internet:
We’ve gone from desktop to web to mobile; from text to photos to video. But this isn’t the end of the line,” writes Zuckerberg in a recent letter to his employees. “The next platform will be even more immersive – an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.”
“Of late, the terms “metaverse” and “Web3″ have been used interchangeably. While they both point to a vision of a better, future internet, it’s important the two concepts not be conflated or become a source of division around ideologies of how we want to continue building the internet.” – A Crypto Guide to the Metaverse
To most the metaverse feels vague and speculative because it is; it hasn’t really taken form yet.
“Web3, on the other hand, is a far more specific paradigm that provides clear solutions to specific shortcomings of the Web2 internet. It is a reaction to the walled-garden ecosystems that platforms like Facebook and YouTube created, which caused people to have their data extracted, privacy breached and ability to control the content they create oppressed. Web 3 subverts that model because it directly addresses the issues of ownership and control.” – CoinDesk
dApps (decentralized applications) are the apps that make the blockchain (distributed ledger ecosystem) run. Blockchain-based games and NFT trading were the driving force behind Dapp adoption during Q3 of 2021, according to DeFi insight platform DappRadar.
(Image Credit: Andrey Metelev on Unsplash)
In addition, hyper-personalization and Super dApps are set to increasingly leverage artificial intelligence (AI) and real-time data to deliver more relevant content, product, and service information to each user.
“Raj Shah, of digital consulting firm Publicis Sapient, gave me a brilliant insight into the fascinating future of the metaverse. Discussing the multitudinous uses of this tech, Raj said major hardware advances mean AR and VR experiences are going to be more widely available and could become a fixture in our workplaces as we seek out a 3D world to recreate our workspaces and office environments in our homes.” – Elad Natanson, Contributor – Consumer Tech, Forbes
On top of that customer experience, also known as CX, is about to be revolutionized. According to the Harvard Business Review, CX is “the sum-totality of how customers engage with your company and brand, not just in a snapshot in time, but throughout the entire arc of being a customer.” CX represents the customers’ holistic perception of their experience with your business or brand.
Image Credits: Pixabay, Wiki Commons, Unsplash
Source via this site: Apple on Metaverse: We See a Lot of Potential and Are Investing – CEO Tim Cook Says ‘It’s Very Interesting to Us’
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