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The Federal Trade Commission (FTC) Proceeded Metaverse Meta to prevent “owning” the sector.
FTC filed a proceeding on July 27, blocking Meta’s recent attempt to acquire a virtual reality app maker.
FTC Filing The Commission has indicated that it believes that Meta’s purchase of with-in is another move by the company to manage space.
According to Filing, social media giants have been trying to expand their footsteps in VR “Metaverse” since they changed their brand name to Meta.
Meta will be one step closer to the ultimate goal of owning the entire “Metaverse”.
Within Unlimited is the developer of the popular virtual reality app Supernatural. Meta has announced plans to acquire a VR company in October 2021, and the transaction was expected to close by August.
According to FTC, the company led by Mark Zuckerberg already has a very successful virtual reality empire and plans to expand by illegally acquiring a valuable fitness app for VR users.
John Newman, Deputy Director of the FTC Competition Bureau, said:
“Meta already owns a best-selling virtual reality fitness app, with the ability to compete even more closely with Within’s popular Supernatural app, but Meta won’t win it for its benefits. , Chosen to buy a position in the market. This is an illegal acquisition and we seek appropriate remedies. “
The Commission’s proceedings want to increase consumer choice and drive innovation, rather than buying competition to narrow the market.
The proceedings, on the other hand, occur when Meta is criticized for trying to control the entire Metaverse space.
Stakeholders in this area warn that Meta intends to develop a centralized system.
The company reportedly built a metaverse targeting rival staff.
However, meta Disagreed with FTC’s view, We call it “based on ideology and speculation, not evidence.”
The company denied having My Products offering a Supernatural-like experience and called the acquisition a way to inject new money into the sector.
Nikhil Shanbhag, a lawyer for the company, said:
The idea that this acquisition will lead to anti-competitive consequences in a dynamic space with as much entry and growth as online and connected fitness is simply unreliable.
