META, the parent company of Facebook and Instagram, is making an intense effort to become the dominant player in the Metaverse field. The FTC, on the other hand, wants to prevent the acquisition, thinking that it will completely control this developing industry by acquiring Meta's Within company. In a statement made by the agency yesterday, the FTC claimed that Meta was attempting to illegally purchase Meta to expand its virtual reality empire.

The Federal Trade Commission also reported that this acquisition will render innovation and competition unimportant in the coming periods, and therefore Meta is considered to be in violation of antitrust laws. The FTC also said that Meta already owns Beat Games, the maker of the popular VR game Beat Saber, which is used as a fitness app. Accordingly, it is claimed that having both startups, which have an important place in their field, will affect competitive innovation.

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With the current cancellation filing, the FTC is currently seeking to issue a temporary hold against Meta's acquisition of Within. In addition, the institution has also filed a complaint with the US District Court for the Northern District of California to suspend the purchase.

Metaverse is seen by many as the future of the internet. Users can interact in 3D environments using their own avatars in this virtual environment. It is thought that NFT and cryptocurrencies will also have an important place in the Metaverse, which continues to spread around the world.

Meta Suffers $2.8 Billion in Metaverse Division

Meta announced in its earnings report yesterday that it has lost $2.8 billion in the metaverse department. According to the report published by Meta, the Facebook Reality Labs (FRL) division, which includes augmented and virtual reality operations, saw a loss of $ 2.81 billion in the second quarter. Analysts had forecast a loss of $3.67 billion for this quarter.

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Although FRL generated $695 million in revenue in the first quarter, that revenue remained at $452 million in the second quarter. That's a tiny fraction of Meta's $28.4 billion in total revenue.

The company stressed that it expects Reality Labs revenue to be lower in the third quarter than in the second quarter. The CEO of the company, Mark Zuckerberg, stated that they are more focused on metaverse and reals growth. Zuckerberg said during the first quarter report that the company's metaverse arm has laid a very successful foundation for the 2030s.