Keen to diversify its cavernous portfolio, TikTok’s parent ByteDance has acquired Chinese VR headset maker Pico for an undisclosed amount. Following a recent foray into mobile gaming, this news marks ByteDance’s first steps into VR, and the company has voiced its intentions for long-term investment in the field. Everything that TikTok’s parent company touches seems to turn to gold right now, so a big vote of confidence in the technology naturally grabbed Faultline’s attention. ByteDance is pitting itself squarely against both sides of the VR market – OEMs and entertainment platforms – and it could present a serious threat to either. In the former group, you find companies like Sony, Valve and HTC – all well-respected headset manufacturers, but they…