Yeah and VRChat must have cost like what? A few million?

One thing that VRChat did lack and horizons had is an in-app builder though. On VRChat you have to use unity which is a big barrier.

But other similar apps do have built in builders too like viverse and spatial have that too and they haven't cost billions either.

I don't know what they've done with all that cash but it feels like they have very little to show for it. Some decent hardware sure but still.