Facebook Donates $50 Million to Develop a Virtual Metaverse
Facebook decided to donate $50 million to a fund to create a virtual metaverse.
According to the company, the metaverse will not be built by just one company.
“We will work with the policymakers, experts and industry partners to make this a reality,” the statement said.
The metaverse will allow people to interact with each other, digital objects and the physical world through avatars in a virtual environment. Funding will come from XR programs and the Facebook Research Foundation.
Rumors of Facebook’s plans to create a virtual metaverse began to circulate in June, and the following month, the company announced the formation of an executive team tasked with overseeing the project.
Despite the investment, Facebook believes it will take more than a decade for a full version of the metaverse to emerge, including a wide range of products and services.
To ensure a successful metaverse rollout, Facebook has also partnered with several universities and non-profit organizations representing minority groups, including Women In Immersive Tech, Africa No Filter, The University of Hong Kong, and National University of Singapore.