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Virtual reality's grim reality has finally sunk in for TikTok parent Bytedance.

The company invested heavily in virtual reality in 2021, back when Mark Zuckerberg's foray into the metaverse had everyone convinced VR was tech's Next Big Thing. It isn't. AI is. And now ByteDance is undergoing a sweeping restructuring and scaleback of its VR division, according to a Financial Times report on Tuesday.

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Source Fool.com