Facebook has announced it will allocate $50 million to a two-year fund tasked with beginning work on realizing the firm\u2019s vision for a virtual metaverse. <\/p>\n
A Sept. 27 announcement articulates Facebook\u2019s roadmap for building its metaverse, with the funding slated to back \u201cglobal research and program partners\u201d looking to build out the platform in addition to internal research.<\/p>\n
The metaverse won\u2019t be built overnight by a single company. We\u2019ll collaborate with policymakers, experts and industry partners to bring this to life,\u201d emphasized the announcement.<\/p>\n
The Metaverse will allow people to interact with one another, digital objects and the physical world through their avatar in a virtual environment. Funding will be disbursed through Facebook\u2019s XR Programs and Research Fund.<\/p>\n
Rumors of Facebook’s plan to build out a virtual metaverse began circulating in June, with the firm announcing the formation of an executive team tasked with overseeing the project the following month.<\/p>\n
In its latest announcement, Facebook asserts that its metaverse \u201cis not necessarily about spending more time online \u2014 it\u2019s about making the time you do spend online more meaningful.\u201d<\/p>\n
Despite the $50 million investment fund, Facebook believes it will take more than a decade until a comprehensive version of its metaverse will be live and featuring a wide array of products and services.<\/p>\n
To ensure its metaverse is deployed in a way that is ethical and inclusive, Facebook has also partnered with multiple universities and non-profit organizations representing minority groups, including Women In Immersive Tech, Africa No Filter, The University of Hong Kong, and the National University of Singapore.<\/p>\n