US to investigate Facebook’s Metaverse In a $400 million VR transaction

The US Federal Trade Commission (FTC) has opened an antitrust probe in Meta’s plan to buy the popular virtual reality (VR) fitness app Supernatural for over $400 million, as the social network begins its journey towards creating Metaverse, the media reported.

The US Federal Trade Commission (FTC) has opened an antitrust probe in Meta’s plan to buy the popular virtual reality (VR) fitness app Supernatural for over $400 million as the social network begins its journey towards creating Metaverse, the media reported.

According to reports, Meta’s first five VR app acquisitions went through without a fuss because they were too small to be reviewed by the US antitrust regulators.

“But those regulators are slowing down the $400 million-plus Supernatural deal, according to two people with knowledge of the situation,” the report said.

In addition to building Oculus VR headsets, Meta has acquired at least six companies in the field, including the developer of Supernatural, a VR fitness app that became a hit. Social media giant Facebook has said it would spend more than $10 billion to build out its vision for Metaverse.

Facebook has announced to hire 10,000 people to help the social network build the Metaverse. According to the company, the next computing platform can help unlock access to new creative, social and economic opportunities. Facebook’s Oculus Quest product line will be known as the Meta Quest, while the Oculus App will become the Meta Quest App starting in 2022.

Meta CTO Andrew Bosworth has announced that the company is phasing out its Oculus branding, including the Oculus Quest virtual reality headset. Some Oculus products will also be given Horizon branding that reflects the company’s VR “metaverse” platform.

Source: IANS

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