I'll be honest, I haven't really looked much into what they're doing. At first look I always hesitate on using IPFS -- a lot of people think it's a magic solution to data storage, but its really fundamentally no different than torrents, which have their use-cases and drawbacks.
That being said, decentralized AR/VR is an interesting up-and-coming tech, and one I think will get more popular in the next 10 years or so (once hardware can catch up). So it will be interesting to see if they get a good head-start.