Oculus’ Rift prototype, which resembled a hastily duct-taped ski mask, was seen as a game-changing invention when it first appeared over a decade ago. However, a decade after Facebook (now Meta) acquired the startup for $2 billion, the VR headset hasn’t significantly altered our world.
When announcing the deal, Mark Zuckerberg had high hopes for Oculus, envisioning it as a new communication platform that would transform human experiences. He compared it to computers, the internet, and smartphones, suggesting that the “dream of science fiction” was now a reality. However, despite the company’s commitment to the concept of the metaverse, the definition of the metaverse remained vague, and the excitement around it seemed forced rather than genuine.
Between the end of 2020 and the first quarter of 2024, Meta’s metaverse division reportedly lost $42 billion, roughly 21 times the price it paid for Oculus, not adjusting for inflation. Despite these challenges, the company continues to invest in VR technology, hoping to eventually realize its vision of a transformative communication platform.
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