When Facebook named itself Meta last year, it created a lot of hype about the metaverse, but one of its competitors isn’t entirely convinced of the social network’s vision of the future.
The metaverse is developing virtual areas in which humans may work, play, and interact. Kara Swisher, the co-founder of Recode and a tech writer, questioned Snap CEO Evan Spiegel on Wednesday whether the company that owns the ephemeral messaging app Snapchat is also investing in the metaverse or not.
Spiegel stated that the company is still attempting to understand what the metaverse entails, noting that it focuses heavily on putting on virtual reality headsets and escaping from the real world.
When it comes to investing in AR, where digital things are placed on a user’s perspective of the physical world, Snapchat has been ahead of other internet companies.
Snap has also collaborated with developers to create immersive experiences using its Augmented Reality eyewear Spectacles.
However, Snap has been facing increased competition from larger businesses like Apple and Meta, which is said to be developing AR and VR devices.
Snap has been facing economic issues. The advertisers cut down their advertisement budget and fired more than 20% of their employees last week.
Snapchat, on the other hand, does not appear to be concerned about how much money its competitors are investing in Augmented Reality or Virtual Reality.
Bob Greene an American journalist stated that our industry spender isn’t always good at meeting long-term objectives.
He expresses sympathy for spenders who struggle with long-term ambitions. Greene claims it is a waste of time and money, yet he did an excellent job.
