Taiwan-based virtual reality headset manufacturer HTC, considered to be a metaverse proxy stock because the company’s Vive headsets are an essential tool for VR-based vision, was seemingly spared by Meta’s recent stock decline. HTC Taipei-listed stock posted a 5% gain by mid-day Monday as the markets in Taipei re-opened after the Lunar New Year.
- This decline had a cascading effect on metaverse-related tokens. According to a prior report from CoinDesk, axie infinity (AXS), sandbox (SAND) and gala (GALA) fell as much as 12% in the 24-hour period after Meta’s earnings.
- Since then investor sentiment on these tokens has changed. AXS is up 13% in the past 24 hours, according to CoinGecko, decentraland (MANA) is up 8%, and GALA is posting a 7.5% gain.
- HTC first saw its stock rally around the metaverse in mid-October, around the time Facebook announced its rebranding to Meta. From mid-October to year's end, HTC stock posted gains of approximately 140%.
- The company has been called Taiwan’s version of GameStop. Its VR headsets have been around since 2015; sales are increasing but annual volume is still moderate.
- However, on PTT, Taiwan’s version of Reddit, references to the company’s name and ticker have spiked as many believe that without the Vive VR headset, the metaverse’s true vision is impossible to achieve.
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