Facebook announces $ 50 million investment fund tasked with developing its virtual metaworld

Facebook has announced that it will allocate $ 50 million to the two-year fund, which is to begin work on realizing the company’s vision for a virtual metaverse.

Monday’s announcement formulates a roadmap for Facebook to create its meta-universe, with funding planned to support “global research partners and programs” seeking to create a platform in addition to internal research.

“Metavsesvit will not be built overnight by one company. We will work with politicians, experts and industry partners to make this a reality, ”the statement said.

The metauniverse will allow people to interact with each other, digital objects and the physical world through their avatar in a virtual environment. Funding will be provided through the XR Programs and Research Fund Facebook.

Rumors of Facebook’s plan to create a virtual metaverse began circulating in June, and the following month the company announced the formation of a team of performers tasked with overseeing the project.

In its latest announcement, Facebook claims that its metaworld “is not necessarily about spending more time online, but about making the time you spend online more meaningful.”

Despite a $ 50 million investment fund, Facebook estimates it will take more than a decade before the full version of its metaverse becomes available to a wide range of products and services.

To ensure the ethical and inclusive nature of its meta-universe, Facebook also works with several 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. .

Related: New industry, new rules: Creating a Metaverse without prejudice

As Facebook seeks to mobilize capital to develop its metaverse, cryptocurrency developers have already succeeded in creating their own decentralized and interoperable metapoems.

The open-world Decentraland metaverse contains a decentralized community-owned virtual world built on the Ethereum blockchain. Users can create 3D environments, create avatars, or display a variety of digital content that can be monetized.

Similarly, The Sandbox is an indispensable token-based game in which players can buy digital plots of land and create gaming impressions on them to share with other users.