Benzinga | Aug 24, 2021 09:15AM EDT

Facebook-TikTok War Continues To Get Steamier

* ByteDance Ltd's TikTok recently launched a new creative toolset called 'TikTok Effect Studio' to help developers build augmented reality (AR) effects for TikTok's short-form video app TechCrunch reports.

* Facebook Inc (NASDAQ:FB) and Snap Inc (NYSE:SNAP) already offer such tools to develop AR experiences for their own respective family of apps.

* Snap launched a $3.5 million fund in 2020 for Snapchat AR Lens creation. It aims to add five new games to Snap Games in 2021.

* Facebook expanded its Spark AR platform to over 600,000 creators across 190 countries. It is actively working on its Reality Labs division to develop AR and VR devices to reduce dependence on Apple Inc (NASDAQ:AAPL) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL).

* Price Action: FB shares traded lower by 0.15% at $362.80 in the premarket session on the last check Tuesday.