Meta, formerly known as Facebook, has been struggling to convince the world that its vision of the metaverse is worth pursuing. The social media giant rebranded itself in October 2022, hoping to create a more immersive and interactive online experience for its users. However, the initial response was far from positive. Many people mocked the cartoonish and unrealistic avatars that Meta showcased in its demonstration video, which lasted for over an hour. Others questioned the need and feasibility of creating a virtual world that mimics real life.
Meta’s ambitious project also faced financial challenges. The company reported a loss of $4.28 billion in the first quarter of 2022, with its revenue from Meta Reality Labs, the division responsible for developing the metaverse, being much lower than expected. Meta also faced competition from other tech companies, such as Microsoft and Apple, that were working on their own versions of augmented and virtual reality.
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