As the popularity of the metaverse has risen, many companies have introduced various products that enable users to connect to the social network. However, the declining interest in the metaverse has led to major losses for leading companies, including Facebook. Now, Tencent, a Chinese tech giant, is putting its VR hardware plans on hold.

For those who don’t know, Tencent established a special XR division for VR-based products last year, which was expected to feature VR hardware, applications, and games. However, things don’t seem to have gone according to plan.

According to a recent report by Routers, Tencent “encountered challenges in quickly generating profits in metaverse competition” and is now discontinuing its long-running VR efforts. In simpler terms, it decided that the investment required for a competitive VR headset would not yield profits. The decision is also said to be due to the lack of games and non-game applications planned for the metaverse.

As we remember, Tencent appeared with a ring-like controller concept. However, this project was also put on hold shortly thereafter. It seems that the Chinese giant will wait a while longer for the metaverse. Sources close to the matter say that the company will not part ways with its VR division.

Final Thoughts

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