Last Update: July 12, 2023, 7:06 pm IST
Palo Alto, California, United States
The Metaverse Was A Big Part Of The Future Of The Meta
The company has pinned its future ambitions on the ecosystem, but senior Meta executives aren’t sure about those plans.
Meta’s Indian-origin executive Vishan Shah, who oversees Meta’s Metaverse project, has claimed that the “hype” around Metaverse is over.
As reported by Fortune, he said that Metaverse was part of a “hype cycle” that attracted many investors.
“I think the metaverse hype is over. I guess we were in a hype cycle. Like anything new, and invested in last year, because it wasn’t hype. We did not invest for publicity, we have been investing in this sector for years; Oculus was acquired in 2014,” Shah was quoted as saying.
Furthermore, the report states that from an outsider’s perspective the Metaverse market appears bleak, as divisions are being closed at an alarming rate.
Disney recently gave up on its metaverse ambitions and left behind the shattered dreams of a virtual wonderland, with Microsoft saying goodbye to the social virtual-reality platform it bought in 2017, effectively ending its own metaverse journey. happened.
Shah, however, sees the stir differently.
“I’m really glad that last year was both hype and disillusionment; Of course, it was difficult for myself to live through that. But now we’ve got our heads down and keep building because that’s what it takes to replicate and do something so difficult,” he said.
Furthermore, the report states that there are a number of exciting new developments in store for Meta’s metaverse.
The Meta Quest 3, the company’s next-generation VR/MR headset, will be in the hands of consumers later this year.
Apple has entered the AR headset market with the Apple Vision Pro, which will be available early next year for $3,499.
“Meta is preparing to unveil the long-awaited stages for its Metaverse incarnations later this year. Shah said, so far more than 1 billion people have created avatars.
Meanwhile, Meta has launched Twitter rival Threads, which crossed 100 million user sign-ups within a week of launch.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – IANS,
