Facebook announces a $ 50 million investment fund to develop Metaverse

Facebook says it will allocate $ 50 million to a two-year mutual fund to help realize the company’s vision of a metaverse.

Facebook boss Mark Zuckerberg

One notification Outlined Facebook’s roadmap for building its Metaverse on Sept. 27, with funding expected to support global program and research partners. Funding comes from the XR program and Facebook’s research fund.

Metaverse is a virtual universe, also known as a digital universe, that was created by the convergence of virtual reality (AV) and augmented reality (AR), including the sum of all virtual worlds, augmented reality and the internet. Metaverse is a compound word made up of meta – which means transcendental, and verse, short for universe – which means universe. The term is often used to describe the concept of a future iteration of the Internet made up of continuous 3D virtual spaces that are shared and connected into a transcendent virtual universe that is perceivable as the real world.

“Metaverse is not built overnight by a company. We will work with policy makers, experts and industry partners to bring this to life, ”read the Facebook statement.

In June, Facebook announced the creation of a team dedicated to realizing CEO Mark Zuckerberg’s vision for the Metaverse. “This is an important part of the next chapter in the tech industry,” says Mark. Over the next five years, he said, Facebook will go from “primarily a social media company to a metaverse company”.

In its recent announcement, Facebook claims that its metaverse “isn’t necessarily about spending more time online – it’s about making your time online more meaningful”.

Despite a $ 50 million mutual fund, the social media giant believes it will take more than a decade for a full version of Metaverse to hit the market with a wide variety of products and services.

To ensure the company’s metaverse is implemented in an ethical and inclusive way, Facebook has also worked with numerous universities and nonprofits representing minority groups, including Women In Immersive Tech, Africa No Filter, University of Hong Kong, and National University of Singapore .