What just happened? ByteDance, the Chinese multinational tech company all-time known as the face behind TikTok, is officially jumping into the metaverse. CNBC has confirmed that ByteDance has agreed to purchase virtual reality beginning-upward Pico. Financial terms of the deal, which was first rumored by Chinese publication Nweon days ago, were not revealed.

In a statement shared with CNBC, ByteDance said Pico'south suite of software and hardware technologies, as well every bit its deeply talented team, will assist support their long-term investment in the emerging field of VR.

Pico might not be a proper name you're heard before, but folks in the VR manufacture are certainly familiar with the starting time-upward. According to IDC, Pico was the 3rd largest VR headset maker worldwide in the second quarter of 2022, and managed to grow shipments by 44.vii percentage year over year.

ByteDance has been looking to diversify a bit as of late. Last year, the company launched its first hardware product in the form of a smart lamp packing a touchscreen brandish and 2 cameras. A few months subsequently, it scooped up mobile gaming studio Moonton in a deal that Reuters cites as being valued at $four billion.

With a VR start-upward in its portfolio, ByteDance could be preparing to foursquare off with Facebook'southward Oculus VR division in the burgeoning space. And with Apple recently getting involved alongside a host of other established players, we could finally beginning to encounter some serious progress in the adjacent few years.

Image credit Zhang Canlong, Visual Cathay Grouping