Snap, the company behind the Snapchat app, is making some serious progress in augmented reality and is in a good position to build on the new concept of the metaverse. Based on these factors, is it a good idea to buy the snap stock?
According to experts, Snap is in a really good position right now when it comes to augmented reality and technology leadership in that field. However, there are still some concerns about Apple's recent changes to its operating system, which might affect the Snapchat app.
If you look around, a lot of chatter is going on about metaverse, but what does this term even mean? In simple words, it is going to be the next version of the internet and will offer a 3D virtual environment to the users. From meeting people in the virtual world to playing games or even visiting friends, a lot could be achieved in the metaverse. You can think of the metaverse as a virtual world where 3D technology makes it possible to interact with others.
One of the key pieces of equipment which will power the metaverse is going to be smart glasses that support augmented reality. And that's where Snapchat has taken a leadership role and is the sole reason many experts are calling for buying the snap stock. In fact, many are forecasting a target of $65 for Snap, but then there are some, such as Blackedge, who believe that Snap will reach $45.
So for the forecast sense, Snap's outlook is mixed among the experts - However, its leadership role in the metaverse can't be denied!
The augmented reality smart glasses developed by Snap are called Spectacles. When a user is wearing these glasses, the built-in technology can overlay digital information and images into the wearer's field of view. Some of the practical uses of augmented reality include education, games, navigation, and even commerce!
Another good news for Snap is that it is also driving revenue from its augmented reality business. For example, the recently announced feature 'Truesize' can be used by users to get a unique shopping experience.