Facebook announces a $ 50 million mutual fund to develop its virtual metaverse

Facebook has announced that it will allocate $ 50 million to a two-year fund to begin realizing the company’s vision of a virtual metaverse.

Facebook’s roadmap to building its metaverse was announced on September 27th, and In addition to internal research, the funds are also intended to support “global research and program partners” in setting up the platform.

The Metaverse is not built overnight by a single company. We will work with policy makers, experts and industry partners to make this possible. “, underlines the ad.

Facebook announces a $ 50 million mutual fund to develop its virtual metaverse
Facebook announces a $ 50 million mutual fund to develop its virtual metaverse

The Metaverse will enable people to interact with each other, with digital objects and with the physical world through their avatar in a virtual environment. Funding comes from the XR programs and Facebook’s research fund.

In June, rumors circulated about Facebook’s plan to create a virtual metaverse., and the following month the company announced the formation of a leadership team to oversee the project.

In its latest announcement Facebook says its metaverse “isn’t necessarily about spending more time online, it’s about making the time spent online more meaningful”.

Despite the $ 50 million mutual fund Facebook expects it will take more than a decade to get a full version of its metaverse up and running with a wide range of products and services.

To ensure that your Metaverse is used ethically and inclusive, Facebook has also partnered with several universities and nonprofits representing minority groups such as Women In Immersive Tech, Africa No Filter, the University of Hong Kong and the National University of Singapore.

As Facebook mobilizes capital to begin developing its metaverse, other cryptocurrency developers have already made strides in building their own decentralized and interoperable metaverse.

Decentraland’s open-world metaverse comprises a community-owned, decentralized virtual world built on top of the Ethereum blockchain.. Users can create 3D environments, create avatars, or view a range of digital content that can be monetized.

In the same way, Sandbox is an NFT-based game in which players can purchase digital packages and also create game experiences to share with other users.

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