- Facebook launches a $50 million fund to support its metaverse research and development plans.
- Facebook says metaverse will take over 10 years to develop right, with the collaboration of key players.
Facebook has launched a $50 million investment fund to support research for Extended Reality (XR) Programs in the next two years as part of its vision to build a virtual metaverse. As per the announcement, Facebook said the metaverse will be developed through a responsible and collaborative approach with various partners, including policymakers, industry experts, and partners.
We’re announcing the XR Programs and Research Fund, a two-year $50 million investment in programs and external research to help us in this effort.
The metaverse will be centered on technology that fosters human connections and brings people together, in line with Facebook’s mission.
Related: Top executive says Facebook is considering NFT-related products
Facebook metaverse: Building responsibly
Various definitions explain the concept of a metaverse, including a metaverse as a quasi-state to the mobile internet that brings together hardware, content, payments, networking, and other technologies in a virtual space.
According to Facebook’s definition, a metaverse is a set of virtual spaces where people can create and explore other people who aren’t in the same physical space as they are.
You’ll be able to hang out with friends, work, play, learn, shop, create, and more. It’s not necessarily about spending more time online- it’s about making the time you do spend more meaningful.
Additionally, Facebook says that just like the internet, the metaverse won’t be built overnight, but it might up to 10- 15 years to fully realize many of the metaverse products. This time will give the team ample time to build responsibly by involving experts in government, industry, and academia to think through issues and opportunities.
Facebook will also involve the human rights and civil rights communities at the beginning to ensure that technologies are created in an inclusive and empowering manner. The company mentioned economic opportunity, privacy, safety and integrity, equity, and inclusion as key focus areas to anticipate the risks and get it right.
In mid-August, Facebook introduced Horizon Workrooms, a virtual reality service that offers a virtual meeting room where Quest 2 headset owners can meet, interact and hold a meeting.
Horizon Workrooms is another step towards Facebook’s vision of connecting its 3.5 billion users. Mark Zuckerberg said that one way or another, the world is headed into a mixed virtual-reality future.
Unlike Facebook’s preparation plan for metaverse, blockchain developers have already launched decentralized and interoperable metaverses. For instance, popular Ethereum-based Dapp Decentraland allows users to build 3D environments, create personalized avatars and earn money from showcasing a range of digital content.
The merging point of futuristic technologies like blockchain technology, the Internet of Things, Artificial intelligence will give rise to a virtual reality where companies will sell products, and people can exchange value on a peer-to-peer basis.
According to Mathew Ball, venture capitalist and managing director at EpyllionCo, the metaverse is a generation evolution of the internet. Companies like Facebook, Apple, and Google and developers in the blockchain and Cryptocurrency industry have the right platforms and resources to get a front-row seat to the action.
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Games and game engines are starting to move to the forefront of the metaverse. I would extend this to any of the major crypto projects. Bored Apes, CryptoPunks, Axie Infinity, everything that’s happening at Dapper Labs-It’s very clear that games are the centerpiece here.