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In my mind, it's in its death throes.
Zuckerberg killed competition and innovation in the industry.
I wouldn't be surprised if VR booms soon in a hyper-competitive environment like phones pre-2016. We already had a boom, but there was a tiny market for decent VR. Now that Meta, Apple, and Samsung are making decent headsets at different price points, it's only a matter of time before Huawei, Xiaomi, and Oppo start doing crazy stuff that sells well. Hopefully, Valve and HTC become even bigger players as well.