Facebook Allocates $50M For the Development of Its Digital Metaverse

Facebook has declared to specify an investment of $50 million for being spent during the coming couple of years via its Research fund and XR Programs. The purpose of the investment would be the breakthrough of the social media platform into a digital metaverse. The strategic plan for the construction of its metaverse has been described by Facebook in its 27th September announcement. The funding will be provided to support the program partners as well as global research pursuing the construction of the platform along with the internal research.

The announcement emphasized that the metaverse is not going to be structured overnight, having a singly company accomplishing it. Rather, it requires a collaboration between industry partners, experts, and policymakers for making this happen. Consumers will be permitted to interact with each other, physical objects, as well as digital objects through the metaverse by using their avatar within a digital environment. The funding will be done through the Research Fund and XR Programs of Facebook. Rumors about the program hint that the development progress of the virtual metaverse will be active in June, and the company has revealed to deploy an executive group to observe the respective project in the next month.

As per the latest announcement, the company focused that the metaverse thereof would not be related to essentially spending much time online. Rather, it would be about making the time more meaningful that people spend online. Notwithstanding the investment fund of up to $50 million, it is believed by Facebook that more than a decade will be taken by the project due to the comprehensiveness of the version, and it will feature a vast range of services and products. To ensure the deployment of its metaverse in line with inclusiveness and ethical considerations of the company, Facebook has made a collaboration with several universities in addition to non-profit institutions that represent minority groups such as National-University-of-Singapore, The-University-of-Hong-Kong, Africa-No-Filter, and Women-in-Immersive.

Simultaneous with the move of Facebook towards mobilizing capital to start the development of its metaverse, several crypto developers have in advance made attempts to build decentralized as well as interoperable types of metaverses privately. The open-world decentralized metaverse consists of a virtual world being owned by a decentralized community and having a structure based on the blockchain of Ethereum. Consumers are permitted to construct 3D environments, a variety of virtual content, or avatars.

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