TikTok’s parent company, ByteDance, is following the Meta company and assembling hardware, software, platform, and content similar to that of the metaverse. ByteDance has signed up for a risky journey, as the Metaverse has been a risky venture, evidenced by its $10 billion loss in 2021 from metaverse-related investments and a subsequent downward spiral of its share price. Although it is believed that the next chapter of the internet with be 3D and experienced-based, no one is sure how and when will people buy virtual headsets. Compared to Facebook’s acquisition of the Oculus, a virtual headset maker, for $2 billion, ByteDance bought a Chinese VR headset manufacturer named Pico for 9 billion yuan ($1.4 billion). If the bet turns out as expected, the initial risk-takers like Meta and ByteDance would be the biggest goldmines. However, the alternative outcome could have a negative impact on the companies’ performances, threatening their future.
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