TechFlow news, according to The Information, Meta's Reality Labs division has halted development of its next-generation VR headset due to concerns over product sales outlook. This decision reportedly came after a product update meeting involving CEO Zuckerberg and may be linked to Apple Vision Pro's underwhelming market performance.
Despite involvement from tech giants including Sony, HTC, Meta, and Google, the VR hardware market remains niche. While more than half of the Fortune 100 companies use Apple Vision Pro and VR/AR headset applications in the industrial metaverse continue to grow, consumer response has been lukewarm. This could be attributed to issues such as VR-induced motion sickness in some individuals and most people's reluctance to wear face-worn devices in public.
Currently, the metaverse lacks a killer application. Major tech companies are primarily following a "hardware first, applications later" strategy, whereas the Web3 industry tends to focus on developing device-agnostic metaverse experiences.
