Facebook Puts $50 Million Into Building Metaverse 'Responsibly'
(Photo : Image from Unsplash Website) Facebook Puts $50 Million Into Building Metaverse 'Responsibly'

Facebook is planning to put in $50 million into "responsibly" building the metaverse. With the internet already being widely accepted, the next step could be the metaverse, and Facebook is now investing in it.

Facebook Plans to Invest $50 Million on Metaverse

Facebook announced its plans to invest a massive $50 million budget into building out the metaverse. This is a term used to describe the virtual, interactive spaces within the digital world.

The upcoming two-year, $50 million investment is called the XR Program and Research Fund. This particular fund will go directly toward global research and program partners in order to ensure that these particular products are being developed "responsibly." There has been discussion regarding the metaverse being the successor of the internet.

Development of the Metaverse

Facebook also describes its own plans for the metaverse as a certain place where users will be able to work, hang out with friends, play, learn, shop, create, and so much more. It also explained that the metaverse actually does not refer to just a single product that is built by one company but rather a certain shared global space.

The company noted that just like the internet, the metaverse also exists whether Facebook will be there or not. Facebook also added that many of the products that it is investing in would only be fully realized in the future, which could be in the next 10 to 15 years.

Facebook to Work with the Government, Industry, and Academia

Facebook notes that it will work along with experts in the government, industry, and even academia to be able to troubleshoot certain potential issues. This is while also involving itself in human rights as well as civil rights communities in order to ensure the technologies will be built to be "inclusive and empowering."

According to the story by HypeBeast, this would also include creating the whole economic opportunity across the stretch of digital economy, maximize user privacy, and even keep users safe and retain accessibility as a top priority.

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Investment Into the Metaverse

The initial partners of Facebook include the Organization of American States, the Women In Immersive Tech, and even a number of other African tech startups in order to help amplify a more diverse set of voices. Facebook noted that its success still depends on building robust interoperability across different services so that different companies' experiences will be able to all work together.

According to an article by The Verge, Facebook has actually already funded academic research in the past. This funding went into the social impact of AR wearables as well as solicited VR hardware proposals. Epic Games already has a $1 billion funding for the metaverse as the company seeks to build a digital reality.

The official Facebook post announced that the metaverse is the "next computing platform" while noting that the company will be working along with policymakers, researchers, and even industry partners while building it. The investment is now actualized, with a $50 million investment coming from the company.

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Written by Urian B.

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