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Meta, formerly known as Facebook, is alleged to have canceled a $300 million project for a VR and AR operating system.

Working on a Metaverse project, the company hoped to develop its operating system. The show appears to have been discontinued for unknown reasons. According to the publication, the project, dubbed XROS, began development in 2017. It even says that the project was nearly completed.

Meta is still working on VR and AR technologies, so it’s possible that an alternative operating system is being considered. However, Sheeva Slovan, Meta’s communications manager, told The Verge that the business is not ramping up its attempts to create a virtual reality operating system.

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“We are not slowing down or reducing our efforts to develop a reality operating system. In order to realize our metaverse goal, the team will continue to create and invest in future computing platforms such as AR glasses and wearable devices.”

Because Meta is known to be particularly interested in the cryptocurrency industry, its focus on these initiatives may have an impact on the market. Many projects and established enterprises are interested in accessing the metaverse, and there has been a lot of progress in this area.

For better or worse, Meta is one of the most prominent companies in this field. The company already has a significant user base and reach, which may provide it an advantage in the market.

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The cryptocurrency community dislikes Meta and its cryptocurrency and blockchain-related activities. The company prefers completely decentralized specialty endeavors, of which there are several at the moment.

Nvidia has also announced that it will participate in the metaverse race through a marketplace collaboration and free software. Square, now known as Block, also discussed its metaverse proposal.

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