The crypto market is swimming in a sea of red as major assets experienced a correction over the weekend, but tech giant Apple may offer relief. Every cryptocurrency except bitcoin is in the red, but some sectors have flourished amid panic and selling pressure.
In particular, some coins in the metaverse sector have seen significant gains. The positive price action of the asset seems to be related to the launch of its new product Vision Pro by Apple, defying the overall trend in the crypto market.
Metaverse Token Blooms As Promotion For Apple Vision Pro Growth
Apple’s Vision Pro is the company’s first “spatial computer.” The headset will allow users to blend the physical with the digital world. In that sense, people will have the ability to interact with apps, content, media in various formats, and more.
The Metaverse and the projects using blockchain technology to power their platforms seek to achieve similar objectives. As such, there has been a growing correlation between the Metaverse token and announcements from big tech companies related to the sector.
According to a study by CoinGecko, Apple Vision Pro highlights the positive performance of the Metaverse and Augmented Reality Tokens. Upon its publication, the study showed that OVR and its native Metaverse token (OVR) saw a 168.6% increase on the back of the announcement.
By late May and early June, the coin climbed from a low of $0.28 to $0.74. Other small-cap tokens in the sector experienced similar gains. VFOX recorded a 62% gain between May 15 and June 7, and CUBE, the virtual reality token from Metaverse Project Somnium, is up nearly 40% over the same period.
Metaverse tokens with larger market caps appreciated before and after Apple’s announcement, although they reported lower profits. Sandbox (SAND) saw an 18% increase between mid-May and June 5, and Decentraland (MANA) saw less gains, with 11% gains mostly recorded during the announcement.
As seen in the chart below, SAND, OVR, and VFOX were some of the tokens that benefited from the launch of Vision Pro.
However, Metaverse has been partially affected by the current trend in the overall crypto market. Some coins gave back some of their gains due to the recent downturn, but the current price decline may be favorable for long-term investors, as these coins may benefit from similar announcements.