Virtual Reality Tokens Surge 8% as Traders Await Apple's VR Headset Release

The metaverse market is bouncing back ahead of Apple's release as trading volume on related tokens spikes to $905 million.

AccessTimeIconJun 5, 2023 at 3:12 p.m. UTC

Cryptocurrency's virtual reality (VR) sector has surged by more than 7.9% over the past 24 hours according to CryptoSlate data, as investors anticipate Apple's (AAPL) big VR headset reveal on Monday.

Hailed as Apple's first major product release in a decade, the tech giant's share price has risen by 7.4% in the past two weeks, a trend that has been matched by virtual reality and metaverse crypto tokens today.

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  • Decentraland (MANA) is considered the largest VR-related token with a market cap just shy of $1 billion, and is up by 5.4% over the past 24 hours despite the wider crypto market shedding 1.5% of its value over the same time period, according to CoinGecko.

    Five-dimensional metaverse project Wilder World (WILD) is the sector's top gainer for the day, soaring by 18.8% over the past 24 hours to cap a 119% gain over the past 30 days.

    Goldman Sachs noted in a research report last year Apple is one of two companies leading the way in virtual and augmented reality.

    The tech giant is expected to mass release a mixed reality headset in Q4 of this year, according to a recent Morgan Stanley investor note.

    The wider metaverse sector has suffered during the crypto winter, with several assets falling more than 80% from their all-time highs. However, the recent bounce indicates that the tide may be shifting.

    A total of $905 million in trading volume has been exercised on metaverse tokens over the past 24 hours, with the group's overall market cap rising to $8.65 billion, according to CoinGecko.

    Edited by Nelson Wang.

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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.