Social media giant, Facebook, has announced its plan to inject $50M into the development of its virtual metaverse. In a statement released by the company, the $50M fund would be spent over 24 months with the intent of working towards Facebook’s vision for its metaverse. The tech firm has already laid out a roadmap for the building of its metaverse with the funds scheduled to finance global and internal research as well as program partners.
The announcement emphasized that the metaverse won’t be built in one day by one company. There’s a need for collaboration with policymakers and industry experts to bring life into the project. Hence, the need for the two-year timeframe.
The Metaverse Will Engage People Across the World
Facebook reveals that its new project will connect people all over the world, enable consumers to communicate with one another in the physical world and digital items through their avatars in a virtual space. According to Facebook, the company’s Research Fund and XR Programs will disburse the funds.
Rumors have it that the tech giant has always had its eyes on building its metaverse. In July, the company announced an executive team to monitor the project. In July, CEO Mark Zuckerberg disclosed to The Verge that his ambition is to make Facebook look more than a mere social media firm, but a metaverse company. The billionaire told his employees in June that the social media company would focus on embarking on the ambitious plan to build its metaverse.
Although many people think the announcement would have a severe consequence for the future, many tech companies are considering moving into the space. Reports have it that these tech companies see metaverse as “the next big thing” and a successor to the internet.
The metaverse is a 3D environment that intersects between the virtual world and the physical. It’s commonly used to reference video games and VR. Zuckerberg insists that people are not just meant to communicate through” small, glowing rectangles.” The metaverse is clearly the solution to that. Before the metaverse, Facebook has invested massively in VR (virtual reality). According to Zuckerberg, the company’s VR Facebook Horizon” is the clearest form of presence,” and it’s also the closest thing to the metaverse.
Metaverse Encourages Meaningful Time Spending
Speaking of the latest announcement, Facebook reiterates that its new project is not about spending more time online; it’s about ensuring that the time you spend online is meaningful. Even with the $50M funding, Facebook insists that it will take a long time before the metaverse is fully developed comprehensively to feature a wide range of products.
Facebook also partnered with several NGOs and universities, such as the University of Hong Kong and the Women in Immersive Tech to ensure inclusiveness and the ethical deployment of the metaverse.