Well, there goes the metaverse!
Meta has laid off approximately 1,500 employees from its Reality Labs division and is shutting down several VR game studios, marking a significant shift away from its metaverse ambitions. This decision follows years of heavy investment, totaling $73 billion, without achieving profitability. The company, which rebranded from Facebook to Meta in 2021 to focus on virtual reality, is now pivoting towards AI, as consumer demand for VR has waned. The metaverse, once seen as the next big social platform, has been largely abandoned due to poor product reception and declining sales in VR headsets.
TechCrunch·
