Tencent Slashes Metaverse Hardware Plan
Tencent is the latest tech behemoth to reduce its bet on the metaverse by cancelling plans to develop virtual reality hardware.
According to three people familiar with the matter, this translates to headcount and cost cuts in its metaverse unit.
The Chinese conglomerate had previously announced plans to build both software and hardware for the nascent industry, with plans to hire approximately 300 people to accomplish that goal.
According to the report, among the reasons for the cuts were the need for profitability and the need for a large investment.
The move follows a widespread reckoning among established tech players about their ambitions to capture market share in virtual worlds.
(With inputs from Shikha Singh)
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