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The crypto market has been flowing in a sea of red as major assets experienced a correction over the weekend, but tech giant Apple could offer relief. Every cryptocurrency, except for Bitcoin, trended to the downside, but some sectors have bloomed amidst the panic and selling pressure.
In particular, some tokens in the Metaverse sector have seen important profits. The assets’ positive price action, defying the overall trend in the crypto market, seems related to Apple’s launch of its new product the Vision Pro.
Metaverse Tokens Bloom As Hype For The Apple Vision Pro Growths
Apple’s Vision Pro is the company’s first “spatial computer,” the headset will allow users to blend the physical with the digital world. In that sense, people will have the capacity to interact with applications, content, media across different formats, and more.
The Metaverse and the projects using blockchain technology to support their platforms want to achieve the same objectives. Thus, there has been a growing correlation between Metaverse tokens and announcements from big tech companies related to the sector.
According to a study from CoinGecko, the Apple Vision Pro highlighted the positive performance of Metaverse and Augmented Reality tokens. At its publication, the study showed that Ovr and its native Metaverse token (OVR) saw a 168.6% increase on the back of the announcement.
By late May and early June, the token climbed from a low of around $0.28 to $0.74. Other small-cap tokens in the sector experienced similar gains. VFOX recorded a 62% profit between May 15 and June 7, and virtual reality token CUBE from the Metaverse project Somnium rose by around 40% over the same period.
Metaverse tokens with larger market caps appreciated pre and after the Apple announcement, although they registered fewer profits. The Sandbox (SAND) saw an 18% increase between mid-May and June 5, and Decentraland (MANA) saw fewer gains, with an 11% profit mostly registered during the announcement.
As seen in the chart below, SAND, OVR, and VFOX were just some of the tokens that benefited from the launch of the Vision Pro.
However, the Metaverse has been partially affected by the current trend in the overall crypto market. Some tokens retraced some of their gains on the back of the most recent downturn, but the current price dip could be favorable for long-term investors, as these tokens could continue to benefit from similar announcements.