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- A Chinese company has revealed their VR headset.
- The company has witnessed increasing losses this quarter.
- VR tech will become an integral part of the metaverse.
Headgear to Integrate AR, VR and XR
Metaverse is attracting a lot of companies in the market while some are actively developing their own platforms. Recently, a Chinese video streaming platform titled “IQIYI” revealed their initial headgear which integrates AR, VR and MR. Experts believe that these technologies are going to become a vital element in digital spaces.
The company saw decreasing user count on the platform during the third quarter to 101 Million from 104.7 Million last year. Quarterly financials show that they generated $1.5 Billion in revenue with a surprise of $20.16 Million in Q3 2022. Net loss has increased from $32.36 Million in the second quarter to $57.72 in the recent quarter.
Several tech giants are exploring the various areas of metaverse with Meta remaining the leading company in this race. Mark Zuckerberg thinks highly of this space having spent over $36 Billion on its research and development arm Reality Labs. Meanwhile Apple remains their top rival as they are due to release their VR headsets next year.
Meta launched Meta Quest Pro in October 2022 but the product met with mixed reviews considering the expensive cost of the headset. They released it with a price tag of $1,500 which caused a lot of people to take their step back due to affordability issues. Such hefty value indicates that the company is trying to make for all the research it has put into its development.
Zuck Bucks was heavily criticized over a virtual selfie of his metaverse avatar he posted on social media. People made comments over low resolution but he claimed this was not the final version. He then took to Instagram and posted an updated image which shows what Meta is capable of in terms of graphics.
Meta Quest Pro comes with in-built cameras which Zuckerberg said will be used to collect the biometric data to make improvements in future. This brought back the trust issues the company faced during the Facebook-Cambridge Analytica Data Scandal. According to the reports, Meta sold user data to be used during political campaigns.
Virtual spaces are an astounding concept upon hearing but there’s a lot to be done to bring it to the mainstream. People have previously made complaints regarding harassment in the metaverse, meanwhile there’s malicious actors trying to exploit user funds. Recently, Interpol entered the metaverse as they believe the space too is vulnerable to illicit acts similar to the physical world.
Metaverse is still in its infancy but many companies like Atari, Samsung, Adidas, Gucci and more have already entered this space.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
