They also went for VR too early, a typical killer for businesses. Too early is as bad as too late. Timing is key. VR still very much is a fringe technology, and although it starts to pick up steam, it's still a very long way before mainstream, and together with the failed fundraiser, Voxelus didn't have enough funds to survive until the VR really takes off.
Secondlife should start with Sansar , what is code name for Second Life 2 that base on VR. , in first half of 2016. But was no news about it so far. So yes it is way to early. people are just not equipped enough with it to make it a huge success.