On June 5, Apple announced its Vision Pro headset at the Worldwide Developer Conference (WWDC). In the weeks leading up to the launch, rumors began circulating that Apple would finally be making the push into the metaverse space. With the hype surrounding it, cryptocurrency punters bought into tokens related to Virtual Reality (VR), Augmented Reality (AR), and Metaverse.
Apple Vision Pro Caused Metaverse Tokens To Surge Up To 168%
From 15 May, 2023, Metaverse-related tokens started seeing surges, with Ovr (OVR) taking the lead. The metaverse infrastructure token increased by 168.6%, from $0.28 on May 15 to $0.74 on May 29. However, gains have since dropped, falling to $0.44 as of June 7, an increase of 57.1% since May 15. This could indicate that punters have sold their positions after the launch event.
VFOX posted the second-highest increase of 62.5% between May 15 and June 7, from $0.11 to $0.18. However, the augmented reality token experienced most of its price action between May 30 and June 7, trending sideways before that. Meanwhile, the virtual reality token Somnium (CUBE) increased by 39.2% in the same period.
The Sandbox (SAND), the largest metaverse token by market capitalization, saw a slight increase in price of 17.7% between May 15 and June 5. Its price went from $0.51 to $0.59 in the same period.
Render Overtakes Decentraland’s Market Cap
Render (RNDR) gained up to 49.2% since May 15, from $1.83 to $2.72. This also led it to overtake Decentraland’s market cap. However, it has seen a price pullback since the Vision Pro launch on June 5.
While Render has seen high levels of volatility throughout May and June, Decentraland has been rather stable. Its MANA token ended the period virtually unchanged at $0.463 from $0.459, a gain of 0.9%. On the day of the Vision Pro launch, it increased in price by 10.4%, which was quickly erased the following day.
Methodology
The study examined prices of five tokens associated with Metaverse, Virtual Reality, and Augmented Reality, three weeks prior to Apple’s Vision Pro launch date, between May 15 and June 7. Tokens across a range of market capitalizations were selected from CoinGecko’s Metaverse, VR, and AR categories, namely The Sandbox, Render, Decentraland, Somnium Space, Ovr, and VFOX.
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Curious to know more about ChatGPT’s impact on AI-related tokens? Check out our article covering the price returns of AI tokens after ChatGPT was launched!
Shaun is a Research Analyst at CoinGecko, who has lived and breathed crypto since 2017. Previously a community manager for Synthetix and RedFOX, he dived down the crypto rabbit hole to grasp a better understanding of the industry. He now spends copious amounts of time on Crypto Twitter and Telegram, searching for the next idea for CoinGecko Research. Follow the author on Twitter @ShaunPaulLee
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