At first, Meta, the project’s most well-known supporter, reduced its employment by more than 10% in November, only for word of more reductions to surface today. Microsoft later drastically reduced its VR personnel. More than 200 individuals were let off in the last week by Pico, the VR division of TikTok‘s parent firm ByteDance. Chinese juggernaut Tencent completely gave up on its VR headset aspirations.
The creation of the metaverse is a costly endeavor that involves everything from building a more robust computer and networking infrastructure to the devilishly difficult task of developing hardware. That indicates that because of the challenging economic conditions facing the tech industry, even some of its most ardent architects and advocates are lowering their expectations.
Many Companies are Struggling with the Hardware, Including Apple
Corporations like Meta with money to burn may exercise their influence in more meaningful ways, such as by creating institutions intended to guarantee that this “long-term play” continues. This week, the XR Association, whose board of directors includes representatives from Meta and Microsoft, released a remarkably upbeat “State of the Industry Report.” In it, it boasts of its expanding membership and influence with its successful efforts to have “immersive technology” included as a study focus area in this year’s CHIPS and Science Act.
The majority of the modifications involve limiting hardware development. Last month, it was revealed that Apple, a company that specializes in both product design and technology, was abandoning plans for lightweight augmented reality glasses in favor of a less couldn’t get this right, what hope did the rest of the industry have as the economy slowed down?
Tencent is Discussing these Matters with Meta
In discussions about the condition of the metaverse and the rate of its growth, the theme that hardware is hard to handle keeps coming up. This has prompted some unexpected actions from the businesses vying for dominance in it: The Wall Street Journal claimed yesterday that Tencent is in discussions with Meta to sell the Quest in China following the previously disclosed termination of the company’s VR headgear project.
Given the harsh digital and economic environment now existing between China and the United States, it would be Meta’s most important consumer-facing business in the country since China banned Facebook in 2009.
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