Apple’s new headset could put a missile under metaverse tokens

Apple is slated to release its long-awaited mixed-reality headset in the coming weeks, a development that some say could breathe new life into the metaverse industry.

In January, the native tokens of blockchain-based metaverse projects Decentraland (MANA) and Sandbox (SAND) witnessed significant price increases, in part due to swirling rumors about Apple’s venture into mixed reality.

This trend was spotted in a May 15 tweet from independent developer Udi Wertheimer, who, in an underhanded remark about the absurdity of influencer-driven memecoins, spoke of the imminent release as a potential driver of metaverse token prices.

CT is completely oblivious to the fact that Apple is about to launch a mixed reality headset in 3 weeks

Metaverse shitcoins are going to pump so hard it’s not even funny

But you idiots keep buying influencer coins

OK

— Udi Wertheimer ♂️ (@udiWertheimer) May 15, 2023

Speaking to Cointelegraph, eToro market analyst Josh Gilbert believes the new headset will set markets ablaze, thanks in large part to Apple’s proven ability to deliver high-quality, market-shifting products. He states:

“When Apple does it, they usually do it right.”

That said, the analyst doubts that the launch of the new headset will be the “critical moment” that revives metaverse-related cryptocurrencies.

It is also worth noting that while many crypto market participants immediately correlate the concept of virtual reality with “metaverse tokens”, Decentraland is still building out its VR capabilities and The Sandbox previously told Cointelegraph that it has “no immediate or future plans” has. expand VR.

Speaking of this point, Gilbert, like many others, notes that a fully immersive metaverse experience is probably still “a long way off,” especially when considering the gap between the initial launch of the iPhone and the availability of apps that support it. fully realized the potential of the hardware. .

According to him, the performance of metaverse tokens such as MANA and Sandbox’s SAND token will depend more on the widespread adoption of the metaverse among everyday users.

“The bottom line is that we are still very early days in the metaverse world and their future performance will depend heavily on the popularity of the Metaverse.

The metaverse and its associated cryptocurrencies, including MANA and SAND, exploded in popularity during the 2021 crypto bull run as a myriad of projects — backed by seemingly bottomless war chests of venture capital — pledged to create groundbreaking immersive virtual worlds for users.

Related: Epic CEO mocks ‘metaverse is dead’ idea – 600 million coming to the ‘wake’

Unfortunately, many of those companies, including Mark Zuckerberg’s Meta, which burned $13.7 billion in research and development by 2022, have yet to see widespread adoption by everyday users.

All-time price chart of Sandbox (SAND) token. Source: CoinGecko.

Prices of MANA and SAND are down 92% and 94%, respectively, from their all-time highs at the time of writing, both of which were reached on November 25, 2021, according to data from CoinGecko.

According to a report by Apple product fortune teller Mark Gurhman, the California-based tech giant’s new headset will launch on June 5, its first major product release since the Apple Watch in 2015.