Apple Shares Enjoy Boost From Metaverse Frenzy

Apple is seeing some speculation on whether the company will get into the metaverse, The Wall Street Journal reported Wednesday (Jan. 12).

That comes as there’s been a lot of talk about the metaverse lately, referring to the virtual world where companies are trying to make it so people can live virtual lives.

Apple hasn’t been central to that — but there’s been much talk about how it could get traction off of it, with its share price rising and the company seeing a new record as briefly the first ever to be valued above $3 trillion earlier this month during intraday trading.

According to those speculating, Apple might be able to capitalize on the metaverse through making extended reality devices in the coming years.

That said, the company hasn’t been forthcoming about any plans, save for CEO Tim Cook’s praise for similar tech from other companies in recent years, saying it would be “critically important” for Apple’s future.

Facebook parent company Meta, which renamed itself late last year to capitalize on the virtual reality aspects of CEO Mark Zuckerberg’s plans, has seen its shares soar 6.7% since then. However, Apple’s has gone even higher, jumping 18% to $175.53 as of Wednesday.

While the metaverse currently is based on a lot of speculation, those supporting it say it could evolve into a digital realm, with people using it to work, play, shop and partake in entertainment.

Apple has also recently backed an alternate payments system in South Korea, which will help it comply with a law from September which bans app store operators from requiring use of their own in-app payment systems.

See also: Apple Backs Alternate Payments System in South Korea

Both Google and Apple plan to offer an alternative payment system at reduced charges to help abide by the law.

“Apple has a great deal of respect for Korea’s laws and a strong history of collaboration with the country’s talented app developers,” the company said in a statement. “Our work will always be guided by keeping the App Store a safe and trusted place for our users to download the apps they love.”