The cryptocurrency market has been adrift in a sea of red as major assets saw a correction over the weekend, but tech giant Apple could offer relief. Every cryptocurrency except Bitcoin is leaning to the downside, but some sectors have thrived on panic and selling pressure.
In particular, some of the tokens in the Metaverse sector have made significant profits. The positive price movement of the asset, which is defying the general trend in the crypto market, seems to be related to the launch of Apple’s new product, Vision Pro.
Metaverse symbols are booming as hype for Apple Vision Pro’s growth
Apple’s Vision Pro is the company’s first “spatial computer,” and the headset will allow users to blend the physical world with the digital world. In this sense, people will have the ability to interact with applications, content, and media across different formats and more.
Metaverse and projects that use blockchain technology to power their platforms want to achieve the same goals. Thus, there has been an increasing correlation between Metaverse tokens and advertisements from major technology companies related to the sector.
according to Stady From CoinGecko, Apple Vision Pro highlighted the positive performance of Metaverse and AR tokens. When published, the study showed that Ovr and the Metaverse native token (OVR) saw an increase of 168.6% on the back of advertising.
By late May and early June, the token had risen from a low of around $0.28 to $0.74. Other small tokens in the sector saw similar gains. VFOX reported a 62% gain between May 15 and June 7, and virtual reality token CUBE from the Metaverse Somnium project rose nearly 40% over the same period.
Metaverse tokens with the largest market cap 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 smaller gains, reporting an 11% gain during the announcement.
As shown in the chart below, SAND, OVR, and VFOX were just some of the tokens that benefited from the launch of Vision Pro.
However, the Metaverse has been partly affected by the current trend in the overall crypto market. Some tokens have regained some of their gains on the back of the recent downturn, but the current drop in price could prove beneficial to long-term investors, as these tokens could continue to benefit from similar announcements.