Is Apple Vision Pro going to be the much-needed catalyst for Metaverse worlds?

On the WWDC 2023 Keynote Apple announced the release of its own take on mixed reality headset called Apple Vision Pro. Packed with numerous new technologies It is set to be one of the most advanced pieces of retail tech available at this time. The question that inevitably comes to mind is how will this release impact the current Metaverse market and narrative.
In this article, we will closely examine the approach that Apple is taking to this new “Spatial computing”, as well as potential future outcomes and developments.

The Long Awaited Headset

The highly anticipated Vision Pro, Apple's first foray into the mixed reality space, has finally been unveiled. According to Apple, it will allow users to “seamlessly blend digital content into the space around us”. The AR and VR headset is equipped with dual M2 and R1 chips and provides a 4K resolution per eye. A standout feature is the absence of controllers; instead, it uses hand tracking, voice inputs, and an array of cameras, sensors, and microphones for user interaction.

The design follows a classic “ski goggles” style with unique Apple elegance. Thanks to the eye tracking feature (EyeSight), Vision Pro is able to project its user's eyes right into the front screen, enabling more natural interaction with outsiders. This element may take away some of the awkwardness associated with wearing the headset.

Priced at $3,499, the Vision Pro is aimed at the higher-end market - early adopters, businesses, etc. The exact release date, initially slated for "early next year" (2024), and international availability remain uncertain.

Where is the Metaverse?

Interestingly, Apple seems to be carefully abstaining from terms like “AR/VR” or “Metaverse”. This could be caused by a somewhat negative charge of those terms, as they were primarily associated with crypto bull runs and are not that common in the mainstream community.

Instead, Apple decided to distinguish itself from other companies working on AR/VR (Microsoft, Meta) by calling its endeavors “Spatial computing”. Metaverse, as we know it today, will have to do a fair share of adapting to keep up with these changes. The overall UI of the Vision Pro does not suit the digital worlds we have witnessed so far - take Meta as an example.

Nonetheless, with Apple entering the AR/VR market segment, we could finally see the rise in user adoption that many companies hoped for. The attention of the general public may once again start to focus on this field and help create demand for practical applications of Metaverse.

Apple Partners with Disney and Unity

Two important partnerships surrounding Vision Pro were announced this year. Considering the graphical interface, it is obvious that Apple wants to offer developers a wide array of options and tools. This is where Unity comes to play, a battle-tested graphical engine capable of creating beautiful virtual environments integrated directly into Vision Pro.

This could also pose great news to the Metaverse segment, as developers will be able to generate more natural and smooth experiences, which could promote mainstream adoption.

Another major collaboration was introduced personally on stage by the CEO of Disney, Robert Iger. This collaboration will enable users to access content through Disney+, as well as potential new immersive experiences. For the record Disney has mentioned before that they aim to enter the Web3 field, but their previous pursues were kind of delayed. Maybe Accessing Vision Pro as a new platform will allow them to continue with their Web3 efforts.

Market Response to Vision Pro Release

During the WWDC keynote Apple's stock reacted with initial enthusiasm and later dropped down around 3% as the higher price and focus of the product were revealed. Investors probably expected Vision Pro to be more accessible for general users, instead, it seems that it will initially be more targeted towards developers/high-end customers.

Some speculations suggested that the price of Metaverse-related tokens is going to rise after the release, however, that was not the case. In fact, the majority of the tokens actually reported a drop by more than 10 % (MANA, ICP, SAND), although this could be the result of new SEC lawsuits announced on the same day. Bitcoin and Ethereum also suffered a brief loss in reaction to the lawsuits but managed to recover quickly in a matter of 2 days.

Most cryptocurrencies didn't seem to be bothered by the WWDC, granted it does not concern them that much.

What to Expect in the Near Future

As mentioned above, the initial effects on the Metaverse and Web3 markets were mixed, as Apple decided to distance itself from those terms. However, the main benefit could be perceived as gathering the attention of the general public toward the AR/VR market. In the future we could see the hardware becoming more available and suitable for common users, enabling the birth of various practical applications. 

It is quite possible that the current Metaverse will need to rebrand to the extent that it solves practical problems, instead of just being an object of speculation. 

The release of Vision Pro could well enough be the right catalyst for the Metaverse industry, which recently suffered a big loss of users due to all the attention focused on artificial intelligence. Overall the case for Metaverse should become bullish in the long term, albeit in a slightly different form than we see now.