An Apple Watch competitor that was due to go on sale next year has been abandoned.
Employees working on the project were told this week that the project was being stopped.
The source said the project had been underway for at least two years and would be released in 2023.
A prototype of the watch had two cameras on the front and back.
According to the source, the Fakebook owner was working on other wrist devices.
The division of Meta responsible for developing new products to fit into CEO Mark Zuckerberg's vision was responsible for the development of the smartwatch.
The metaverse is a science fiction term that refers to a future version of the internet that is more interactive.
The company's budget appears to have been tightened because of the long-term plan to invest in the metaverse.
He said on a results call in April that Meta was slowing the pace of investment in many projects, and that the company was cutting spending on projects at Reality Labs. Last year, the metaverse division cost Meta $10 billion.
In May, he told shareholders that he expected investment in developing metaverse technology to lose a lot of money for at least three years.
There was a hiring freeze at Facebook in April.
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