![]() Metaverse-related start-ups raised about $664 million in venture capital in the first five months of 2023, a drastic drop from the more than $2.93 billion they raised in the same period in 2022, according to data compiled by PitchBook. The idea of an immersive, all-encompassing online universe made more sense to many investors when people weren’t leaving their homes during the height of the pandemic. But even Apple executives have been skeptical about the company’s prospects in virtual reality, which, they say, may still not be ready for its mainstream moment. Eventual hits like the iPod, iPhone and Apple Watch started in niche markets that grew into big businesses. The Apple headset is expected to cost about $3,000 and will look like ski goggles, according to current and former employees familiar with its development.Īpple has done this before. The company is betting that it can tempt consumers with mixed reality products better than Meta, whose high-end Quest Pro headsets have not sold well, and that it can ignite mainstream interest in virtual reality in a way that other companies have not. At its Worldwide Developers Conference starting on Monday, the tech giant is expected to debut its virtual reality hardware product: high-tech goggles that blend together the digital and physical worlds. And some metaverse projects have been shuttered at companies like Disney and Microsoft, despite that burst of enthusiasm.Įnter Apple. ![]() ![]() Technology investors have moved on to new trends like artificial intelligence. ![]() Soon after, Microsoft announced that it would spend $70 billion to buy the video game giant Activision Blizzard and said the deal would “provide building blocks for the metaverse.”īut since then, interest in the metaverse has stalled. Mark Zuckerberg embraced a digital world known as the metaverse when he said in November 2021 that he was changing his company’s name from Facebook to Meta.Ī month later, Bill Gates, a founder of Microsoft, wrote that within two or three years, he believed most virtual meetings would transition from two-dimensional grids of video “to the metaverse, a 3D space with digital avatars.” ![]()
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