The tech firm Meta has successfully secured a lawsuit against the Federal Trade Commission (FTC), which was filed to block the social media platform from acquiring a virtual reality company “Within.”
Meta Wins Metaverse Lawsuit Against FTC
According to a Bloomberg report published on February 1, Edward Davila, a federal judge in the United States District Court, has ruled that the multinational tech firm Meta may proceed with its metaverse plans and acquire the “Within” metaverse platform.
Founded in 2004, Meta is an American multinational technology conglomerate based in Menlo Park, California. Meta is the parent company behind popular social media platforms Facebook, Instagram, and WhatsApp.
The tech giant entered a legal battle with the Federal Trade Commission (FTC) in July 2022. At the time, the regulatory agency sought to block the tech firm from its ultimate goal of owning the entire ‘Metaverse.’
Before the lawsuit, Meta had intended to acquire the virtual reality Within and its play-to-earn (P2E) fitness app Supernatural. Earlier this week, the tech conglomerate secured its lawsuit against FTC.
Nonetheless, the federal court judge has issued a temporary order preventing Meta from sealing the deal. After the lapse of seven days, Mata may proceed with its acquisition plans and probably more metaverse firms.
Meta’s NFT And Metaverse Ambition
Since the evolution of crypto technology, Meta has always desired to become the global leader in new tech. It has also desired to acquire small companies offering metaverse and non-fungible token products or services and have them operate under its umbrella rather than as competitors.
In the past few months, Meta has laid out necessary infrastructures to improve the functionality of the nascent Metaverse and NFT tech. In September 2022, Meta allowed all Facebook and Instagram users across the United States to connect a crypto wallet and share their NFTs on either social media app.
The social media platform also extended the new NFT integration to more than 100 countries worldwide. In the meantime, the Federal Trade Commission has seven days to file a legal appeal against the court ruling.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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