Apple’s new VR headset, good news for the metaverse?

Apple has just unveiled the features of its new VR headset, which is expected to launch this year. Is this good news for metaverse projects?

Bloomberg published a detailed review of Apple’s new VR headset on Tuesday, January 24. Called the Reality Pro, the device is expected to be released this year priced at $3,000.

Apple plans to create a 3D world for its mobile operating system. That said, it’s unlikely to be a fully open virtual world like Decentraland, The Sandbox, or Somnium Space.

Among the features unveiled by Apple are: video conferencing tools and advanced meeting rooms based on FaceTime. However, it appears that these features will only be available to Apple customers.

What does Apple’s Reality Pro look like?

The device has several external cameras that can track hand movements. In the internal case of the device there are also sensors that read eye movements.

Much like the Apple Watch, the headset will allow its users to switch between virtual reality (virtual reality) and augmented reality (augmented reality) using a “digital crown.”

Likewise, users will be able to squeeze their thumb and forefinger to initiate a task without relying on external controllers.

The device faces competition from Meta’s infamous Quest Pro and Sony’s PlayStation VR2 devices. Note that the Quest 2 headset, released in 2020, is currently the market leader in VR hardware and the metaverse.

According to Bloomberg, Apple expects to sell about 1 million units of its new headphones in the first year. However, according to CNBC, global sales of VR headsets and AR devices decreased by more than 12% in 2022.

What impact on metaverse tokens?

The device should be exclusively dedicated to Apple products and services. Therefore, the tokens of decentralized metaverse projects are unlikely to be directly impacted.

However, the entry of tech giants like Apple, Meta, Microsoft and Sony into the metaverse could boost virtual worlds and give their native tokens a bullish momentum.

BeInCrypto recently reported this the metaverse industry could reach $1 trillion by 2030. And of course, Apple will do anything to get its share of the pie.

According to CoinGecko, the market cap of metaverse tokens is currently $8.5 billion. This represents less than 1% of the total market capitalization of the cryptocurrency market, which is around $1.1 trillion. Therefore, the growth potential of these cryptocurrencies is huge, especially since many of them are down 80-90% from their all-time highs.

Ranking of metaverse tokens by market cap. Source: CoinGecko

Major tokens including Axie Infinity (AXS), Decentraland (MANA), The Sandbox (SAND), and Enjin Coin (ENJ) are all down more than 85% from their all-time highs. But if the metaverse regains ground, these tokens could rebound quickly.

Moral of the story: Big Tech’s entry into the metaverse is a good sign, but it’s still early to decree victory.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action you take based on information found on our website is entirely at your own risk.

Leave a Comment