Open your watch and go to Settings > Experience. Here, you can change the size of your personal space bubble and your ignore bubble.
- The size of your personal space is a bubble determines how close other players can get to you when teleporting or walking in VR.
- The size of your ignore bubble determines how close other players can get before they begin to fade out in VR.
Furthermore, you can disable the personal and ignore bubble entirely for friends, or keep it enabled. Visit the 2nd page of the Experience tab in settings to enable or disable personal settings for friends only.