US market regulators have moved court to block Meta’s deal.
The FTC has appealed in court to stop Meta’s deal with the virtual reality app maker.
The FTC claims that this deal will eliminate competition in the meta market.
Washington. US market regulators on Wednesday moved court to block Facebook Honor Meta from buying virtual reality fitness app makers. This has dealt a big blow to the ambitions of tech giant Metaverse. In a complaint filed in federal court, the Federal Trade Commission (FTC) has said that Meta is buying fitness apps from the makers of Supernatural to illegally expand its virtual reality empire.
Meta is focusing on building on its Metaverse vision for the future of the Internet. For this, the company has bet heavily on the interactive virtual world which will ensure the power of the company. The FTC further stated that this acquisition could eliminate competition both in the present and in the future. This will move Meta toward its goal of becoming the owner of the entire Metaverse. The FTC said the case would specifically rein in Meta and Zuckerberg. The complaint calls fitness apps killers for VR.
In this case, Meta said that the FTC’s move rejected reality and expressed confidence that the deal would be good for VR users as well as the developers of the apps in that market. In response to AFP, Meta said the FTC’s case was based on ideology and speculation, not evidence. The FTC believes that this acquisition will eliminate competition. These are not reliable.
King of the Meta Virtual Reality Market
Meta is already a leading player in the virtual reality market. Mark Zuckerberg has insisted that the Metaverse is the key to the company’s future. The Silicon Valley titan dedicated virtual reality gear maker Oculus and Studio to apps for use in the digital realm years ago.