Apple CEO Tim Cook and Meta Platforms Inc’s CEO Mark Zuckerberg are locked in a race to shape the future of technology that merges the real and digital worlds. 

Zuckerberg envisions a ‘metaverse,’ a virtual realm where people can socialize and work, and has already introduced products aligned with this concept. 

On the other hand, Apple’s marketing chief Greg Joswiak has dismissed the metaverse as a term he would never use, and Apple’s rumored device remains unconfirmed. 

Apple’s presentations at the Worldwide Developers Conference are scheduled to begin on Monday in California.

Apple’s foray into augmented reality (AR) has thus far focused on enhancing existing devices, such as enabling virtual furniture displays through retailers’ apps. 

Analysts note that while Meta publicly pursues this new technology, Apple’s efforts have been kept under wraps. Anshel Sag, a principal analyst at Moor Insights & Strategy, describes this as a competition between the two companies, with Meta being more open about its approach.

According to reports, Apple’s rumored device, which is speculated to resemble ski goggles and could cost around $3,000, is seen as a temporary offering. Analysts believe Apple’s ultimate goal is to develop transparent glasses that overlay digital information onto the real world and can be worn continuously. 

However, faced with competition, Apple has apparently opted to release its own goggles. Apple declined to comment on its future plans and products.

While Apple’s glasses are still years away, competitors like Sony Group Corp and Pico, owned by ByteDance, have already launched mixed-reality headsets demonstrating the potential of blending real and virtual worlds. Meta Platforms recently unveiled its Quest 3 headset, priced at $500, following last year’s $1,000 Quest Pro release.

Apple’s decision to keep its endeavors private is attributed, in part, to uncertainty regarding how people will ultimately utilize mixed- or augmented-reality technology, commonly referred to as ‘XR.’ 

Another factor is the absence of a standout ‘killer app’ for the device. Instead of targeting the mass market, Apple seems focused on providing software developers with a premium device that showcases the possibilities, allowing them to create compelling applications.

Apple’s biggest gamble lies in risking its reputation for polished products while engaging in an expensive battle with Meta for dominance in a nascent market. 

Meta currently controls 80% of the augmented and virtual reality headset market, which amounted to just 8.8 million units last year, according to IDC. In contrast, Apple sold an estimated 226 million iPhones alone.

Although Meta has products available, Apple holds a significant advantage in shaping this emerging field through its relationships with software developers. Jitesh Ubrani, a research manager at IDC, highlights Apple’s ability to leverage its established ecosystem of 2 billion devices, including Macs, Apple Watches, and iPhones, to provide a seamless experience across multiple platforms.