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Apple is set to unveil its much-anticipated mixed-reality headset in the upcoming weeks, a move that some speculate could revitalize the metaverse sector.
In January, the native tokens of blockchain-based metaverse initiatives Decentraland (MANA) and Sandbox (SAND) experienced notable price increases, partly fueled by circulating rumors regarding Apple’s foray into mixed reality.
This trend was highlighted in a tweet on May 15 by independent developer Udi Wertheimer, who, in a sarcastic remark about the absurdity of influencer-driven memecoins, referred to the impending release as a potential catalyst for metaverse token valuations.
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 morons keep buying influencer coins
Ok— Udi Wertheimer ♂️ (@udiWertheimer) May 15, 2023
In an interview with Cointelegraph, eToro market analyst Josh Gilbert expressed the belief that the new headset will ignite market activity, largely due to Apple’s established track record of delivering high-quality, market-altering products, stating:
“When Apple does it, they usually do it right.”
However, the analyst expressed some skepticism that the launch of the new headset will serve as the “crucial moment” needed to rejuvenate metaverse-related cryptocurrencies.
It is also important to note that while numerous participants in the crypto market immediately associate the idea of virtual reality with “metaverse tokens,” Decentraland is still in the process of enhancing its VR features, and The Sandbox previously informed Cointelegraph that it has “no immediate or future plans” to develop VR.
Addressing this issue, Gilbert, like many others, observes that a fully immersive metaverse experience is likely still a “long way off,” particularly when considering the gap between the initial launch of the iPhone and the emergence of apps that fully utilized the hardware’s capabilities.
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In his opinion, the performance of metaverse tokens such as MANA and Sandbox’s SAND token will be more reliant on the widespread adoption of the metaverse among everyday users.
“The bottom line is that we are still very early in the metaverse world, and their performance will rely heavily on the popularity of the Metaverse in the future.
The metaverse and the cryptocurrencies linked to it, including MANA and SAND, surged in popularity during the 2021 crypto bull market as a multitude of projects—backed by seemingly limitless venture capital—promised to develop innovative immersive virtual environments for users.
Related: Epic CEO mocks ‘metaverse is dead’ notion — 600M coming to the ‘wake’
Unfortunately, many of those companies—including Mark Zuckerberg’s Meta, which expended $13.7 billion on research and development in 2022—have yet to achieve widespread adoption among everyday users.
All-time price chart of Sandbox (SAND) token. Source: CoinGecko
The prices of MANA and SAND are currently down 92% and 94% from their all-time peaks, which were reached on November 25, 2021, according to data from CoinGecko.
As reported by Apple product analyst Mark Gurhman, the California-based technology giant’s new headset is expected to launch on June 5, marking its first major product release since the Apple Watch in 2015.
Concept render of Apple’s rumored mixed reality headset. Source: Antonio De Rosa
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