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Tencent, ByteDance gut metaverse units in virtual reality check

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    • ByteDance is sharpening its focus on its main businesses of e-commerce and platforms such as TikTok and its Chinese sibling Douyin – implying a de-emphasis on VR, gaming, and education.
    • ByteDance is sharpening its focus on its main businesses of e-commerce and platforms such as TikTok and its Chinese sibling Douyin – implying a de-emphasis on VR, gaming, and education. PHOTO: REUTERS

    Ding Yi &

    Guan Cong

    Published Tue, May 2, 2023 · 05:50 AM

    THEY said it was the future of the Internet. Just months ago, China’s big tech firms were talking up the potential of their shiny new “metaverse” units, which were set to cash in on an online revolution.

    This latest attempt to wed virtual reality (VR) with things like shopping and social media was going to make holograms ubiquitous, spell the end of the office and reshape whole industries.

    So why have ByteDance and Tencent Holdings both turned around and gutted their metaverse units in recent months?

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    metaverseTencentByteDanceCaixinChina

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