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Apple plans 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) saw significant price increases, in part due to rumors circulating about Apple’s mixed reality project.
This trend was noted in a May 15 tweet by independent developer Udi Wertheimer, who, in an ambiguous comment on the absurdity of influencer-driven memcoins, spoke of the upcoming release as a potential price driver for metaverse tokens.
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 influence buyingr coins
— Udi Wertheimer ♂️ (@udiWertheimer) May 15, 2023
Speaking to Cointelegraph, eToro market analyst Josh Gilbert believes the new headset will set markets on fire, thanks in large part to Apple’s proven ability to deliver high-quality, market-changing products, stating:
“When Apple does it, they usually do it right.”
That being said, the analyst expressed some doubts that the launch of the new headset will be a “defining moment” that will revive the cryptocurrencies associated with the metaverse.
It’s also worth noting that while many crypto market participants immediately associate the concept of virtual reality with “metaverse tokens,” Decentraland is still in the process of ramping up its virtual reality capabilities, with The Sandbox previously telling Cointelegraph that it has “no immediate or future plans.” to create virtual reality.
Speaking of which, Gilbert, like many others, points out that full immersion in the metaverse is probably still a long way off, especially when looking at the gap between the iPhone’s initial launch and the availability of apps that have realized the hardware’s full potential.
In his opinion, the performance of metaverse tokens such as MANA and Sandbox’s SAND token will depend more on the widespread adoption of the metaverse among ordinary users.
“The bottom line is that we are still very early in the world of the Metaverse and their performance will be highly dependent on the popularity of the Metaverse in the future.
The Metaverse and related cryptocurrencies, including MANA and SAND, rose to prominence during the 2021 cryptocurrency bull market, when multiple projects backed by seemingly bottomless venture capital funds promised to create revolutionary immersive virtual worlds for users.
Related: Epic CEO scoffs at ‘metaverse is dead’ idea – 600 million come to ‘wake’
Unfortunately, many of these companies, including Mark Zuckerberg’s Meta, which spent $13.7 billion on research and development in 2022, have not yet been widely adopted by mainstream users.
According to data from CoinGecko, MANA and SAND prices are down 92% and 94%, respectively, from their all-time highs at the time of writing, which were reached on November 25, 2021.
According to a report by Apple product predictor Mark Gurkhman, the California tech giant’s new headset is set to launch on June 5, marking the first major product release since the Apple Watch in 2015.
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