- 1 Meta has temporarily dropped its Metaverse plans.
- 2 The company lost two-thirds of their value last year.
During the latest earnings call, Mark Zuckerberg, Meta CEO, said that they will focus on artificial intelligence. Although, he did not rule out the metaverse from the book and explained it remains the company’s long term vision. Just 12 hours ago, Meta Platforms’ Quest handle took to Twitter to inform that Meta Quest 3 will be introduced this fall. It appears like the metaverse is not at all dead for them.
Meta Platforms Returns to Their Long Term Vision
The announcement came just before Apple, the largest company by market capitalization, was likely to release their own virtual reality (VR) goggles in the upcoming worldwide developers conference (WWDC). Users started to speculate about the potential this tech marvel will bring with it. It is expected to disrupt Zuck Bucks’ metaverse vision.
Introducing Meta Quest 3.
— Meta Quest (@MetaQuestVR) June 1, 2023
Coming this fall. Sign up for updates at: https://t.co/gt8P9KkNsd
Learn more at Meta Connect on September 27 – 28.#MetaQuest3 pic.twitter.com/CPFtGyNYC2
According to the video shared on Twitter, the gadget is expected to bring a plethora of new features for the users this time. The device is slimmer than its predecessors Meta Quest 2 and Meta Quest Pro. It is anticipated to support increased frame rate per second (FPS) in games.
The device will also support augmented reality (AR) as it will come with a color passthrough, according to the announcement. Furthermore, the company has redesigned the controllers for an enhanced experience. Meta Quest 3 will support over 500 games and applications with improved controls.
Meta says this is the most powerful product in the Meta Quest series yet. The most interesting part of the announcement was that Meta Quest 3 comes at a price tag of $499 only. For those who don’t know, Meta Quest Pro was pegged at a whopping $1499 upon release.
Year 2023 Looks Like the Successful Path to Recovery
According to CNBC, Meta Platforms lost almost two-thirds of its value soon after the Metaverse plan was announced; revenue from its ad business took a massive hit. However, the chart below shows the company has contained the damage and returned to its original position. META stock has gained over 200% since the year’s beginning.
Recently, an article titled ‘RIP Metaverse’ appeared in Business Insider that explained how the metaverse was fading away. It appears that organizations interested in virtual worlds are on a different trajectory. Or, the metaverse might be a bit different than Ed Zitron’s, writer of ‘RIP Metaverse,’ perception of digital worlds.
Although this might be Meta’s most powerful VR product yet, Apple might outshine it considering how it has transcended tech behemoths through its innovative approach in the past. Sony, HTC, and more have come up with similar products. Virtual reality and augmented reality are integral elements to shape the metaverse and tech companies might follow Meta and Apple in the future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.