Meta is closing its virtual reality social network Horizon Worlds as the internet giant’s metaverse strategy unravels.
The firm stated the Horizon Worlds application will be removed from the store for its Quest VR headset, according to a community post by the company.
The metaverse pivot
The social media giant previously pivoted its corporate strategy toward virtual reality and the metaverse, changing its corporate name from Facebook to Meta to reflect this new focus. The metaverse was conceptualized as a virtual online ecosystem where users could interact via digital avatars.
Meta anticipated these virtual environments would become the next major computing platform and released proprietary headsets to facilitate access. However, these ambitions failed to materialize. Despite backing from major technology companies including Meta, Apple and Alphabet, the trend failed to gain traction among consumers. High hardware costs, underwhelming graphics and a general lack of interest contributed to the decision to discontinue the Horizon Worlds application.
Meta shies away from stablecoins
Meta operates a layered payments system across its suite of products, which includes Facebook, Instagram and WhatsApp. Recent speculation suggested the firm was considering an expansion into digital assets. However, the company has distanced its payments' strategy from past crypto plans, maintaining it is satisfied with its current payment infrastructure and vehemently denying any impending leap into stablecoins.
