Meta Acquires Lofelt Startup: Continues to Deepen the Metaverse Experience
The acquisition shows that Meta continues to bet on the metaverse, developing virtual spaces where people can work, play and socialize. Users can enter these virtual spaces by wearing a virtual display headset such as the Quest 2.
Still, U.S. regulators have been scrutinizing the Meta acquisition more closely. In July, the FTC said it was trying to block Meta’s acquisition of With Unlimited, the virtual reality studio that created the VR fitness app Supernatural.
The FTC claimed the acquisition was illegal and that Meta was trying to acquire its competitors, not compete with them. Meta countered the idea that the acquisition would lead to anticompetitive results, saying the FTC is sending a “chilling message” to those who want to innovate in VR.