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An email sent to users of the social virtual reality network tonight unexpectedly surprised many after announcing AltSpaceVR is shutting down. “It is with a tremendous heavy heart that I let you all know that we are closing down AltSpaceVR on August 3rd, 7PM PDT,” the email titled “A very sad goodbye” starts off with.
The email sent by AltSpaceVR does not specify the reason for the shutdown; it basically says “the company has run into unforeseen financial difficulty and we can’t afford to keep the virtual lights on anymore.”
Yet, the blog post shares more details. “We had a supportive group of investors that last gave us money in 2015. It looked like we had a deal for our next round of funding, and it fell through.” “Some combination of this deal falling through and the general slowness of VR market growth made most of our investors reluctant to fund us further.”
The final farewell party starts on August 3rd at 5pm PDT.
[Source]: AltSpaceVR Blog: A Very Sad Goodbye.