Heads up, Mark Zuckerberg. Another company seems to have become disillusioned with the metaverse.
We are talking about the Chinese giant Tencent Holdingswhich is abandoning its plans to venture into virtual reality hardware.
Reuters reports its division dedicated to the metaverse has been one of the hardest hit with cost cutting.
Tencent’s big bet
Tencentowner of several companies including Riot Gamesrevealed its plans to venture into both virtual reality software and hardware in June last year.
The extended reality or XR unit started up with 300 new employees.
An unclear path to profitability and the large investment required would have prompted the drastic move by Tencent.
Technological giants such as. Tencent y Alibaba have also been affected by increased regulation by the government of China.
