Apple’s highly anticipated Vision Pro glasses are set to host a metaverse app developed by Victoria VR, a blockchain-based developer. This app aims to deliver an immersive metaverse experience by complementing Apple’s glasses with ultra-realistic graphics.
The Victoria VR metaverse app is scheduled for release in the second quarter of this year and will showcase the potential of Web3 technology. This move solidifies Apple’s presence in the virtual reality space, positioning the Vision Pro as a competitor to Meta’s (formerly Facebook’s) Meta Quest product.
The Victoria VR metaverse operates using the VR token, which is Ethereum-based and follows the ERC-20 standard. This token is designed to reward active users and stakers while distributing half of the revenue from in-game sales to these participants. The VR token currently boasts a market cap of around $103 million and has witnessed a 24% increase in value in the last 60 hours.
The project adopts a “pay fast” approach instead of a “pay-to-win” model, allowing users to earn VR tokens by participating in the metaverse. Victoria VR’s objective is to create an inclusive environment, and this launch comes at a time when tech companies are exploring the growing opportunities within the metaverse space.
The metaverse application that Victoria VR will offer on Apple Vision Pro represents a significant step at the intersection of blockchain and VR technologies. As the metaverse space continues to evolve and garner attention, this launch could mark a notable development in the integration of blockchain and VR.
Meta’s Reality Labs Unit Announces $4.6 Billion Loss
Meta’s metaverse development unit, Reality Labs, reported a substantial operating loss of over $4.4 billion in the fourth quarter of 2023. This financial data was disclosed in the company’s fourth-quarter report released on February 1st. The loss marked the largest quarterly deficit that Reality Labs has experienced since it was first included in Meta’s financial reports in the fourth quarter of 2020.
In 2023, Reality Labs generated a total revenue of nearly $1.9 billion, with more than half of this revenue being generated in the fourth quarter, primarily driven by the launch of the Meta Quest 3.
The cumulative operating loss for 2023 amounted to $16.1 billion, representing a significant 2022.17% increase from the previous year.
The concept of the metaverse has sparked intense discussions in the tech industry. While some industry leaders, like Bill Gates, hold a moderate perspective on the metaverse, there are also widespread concerns and skepticism, particularly with the recent withdrawal of some companies that had heavily invested in this space.
As an illustrative example, entertainment giant Disney decided to shut down its metaverse division last year, resulting in layoffs affecting 7,000 employees. These developments have added to the ongoing debate surrounding the future of metaverse technology and the implications of investments in this evolving field.
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