The most famous VR social network is abruptly shutting down

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The AltspaceVR which is a famous virtual reality social network is shutting down soon

The AltspaceVR which is a famous virtual reality social network is shutting down soon. This virtual reality social network has hosted many things like the stand up comedy to the presidential debate watching parties. But now it would be closing on August 3, 2017 at 10AM ET.Well the reason for its closing is the unforeseen financial difficulty.

This platform opened in the public beta since the year 2015

This platform has 35000 active users and they are spending around an average of 35 minutes on it. This VR social platform has also hosted many high profile guests which include the comedian Reggie Watts and also the science personality Bill Nye. It opened in the public beta since the year 2015.Over a period of time, it has become one of the best VR social spaces which are accessible through most of the Virtual Reality headsets like the Oculus Rift, Gear VR and also the HTC Vive. The company’s spokesperson made a statement that the firm has last raised the funds in the year 2015. Now it would actually be shutting down the AltspaceVR as it has run out of money and also time.

The firm is shutting down AltspaceVR as it has run out of money and time

The firm earlier had been sued for the patent infringement too by the Virtual Immersion Technologies which is a Texas based corporation. The story of AltsapceVR is actually an indication of how far the virtual reality could go and how far it still has go .More details had been provided by the spokesperson of the company Gerard Gottheil. He claimed that the company had the support of the group of investors but the group gave them the funds in the year 2015 last. Some of the combinations of this deal had failed through.

The unforeseen financial problem is actually forcing firm to take its social space offline

The slowdown of the Virtual Reality marketplace has made the investors quite reluctant to invest further. The AltspaceVR still does not finished as the company but its future seems to be completely uncertain. Well the talented team that worked at the firm created some of the best in class technology and also developed things which would be the foundation of the future social VR.This California based firm was established in the year 2014 and it realised its VR social space the next year.

Now it is not in a position to afford the virtual lights

The firm raised $ 10.3 million the following month in its series A round itself. Well it is the unforeseen financial problem which is actually forcing the firm to take its social space offline. Now it is not in a position to afford the virtual lights. The Altspace VR is making an attempt to look for a home for the VR technology that it has already created and which the firm believes could actually become the foundation of the future social virtual reality world.

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