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Facebook to Spend $50M to Create Its Virtual Metaverse

UTC by Juhi Mirza · 2 min read
Facebook to Spend $50M to Create Its Virtual Metaverse
Photo: Shutterstock

Despite allocating a hefty sum of $50M to the project, it will still take approximately a decade to finally provide access to a fully functional metaverse with associated services.

The two-year fund allocated by Facebook Inc (NASDAQ: FB) will assist the organization to work towards the vision that the company had planned long before. The fund is tasked to create a metaverse that will be backed by global research and program partners. The funding is said to be expended via Facebook’s XR programs and Research initiatives.

At present, Facebook’s biggest metaverse program includes a platform called Horizon, a beta Oculus app that allows users to conduct VR meetings.

Facebook Metaverse: Virtual Spaces That Will Permit Users to Explore Potential Online Connections

In an announcement made on September 27, Facebook has stated that its metaverse will be built comprehensively over time and will include essential services and features that are compatible with a wide array of services that the platform exclusively hosts. The announcement further acknowledged that the metaverse is an extensive work project and Facebook will be collaborating with the industry’s finest policymakers, experts, and professionals to help realize its vision and goal.

The initial speculations regarding Facebook building an independent Metaverse started circulating back in June when the company had announced its plan to formulate an executive team to supervise a project. Following its recent statement, Facebook has stated that its metaverse will enable users to spend their time online in a more meaningful manner.

Nick Clegg, VP of Facebook, has commented that this is just the start of a long journey that comprises detailed research into the metaverse. Facebook has also confirmed that it will not be sharing any data with the researchers, only the allocated funds will be shared and spent to assist in the exploration and development of the project.

Facebook has also acknowledged the fact that despite allocating a hefty sum of $50M to the project, it will still take approximately a decade to finally have access to a fully functional metaverse with associated services. To make its metaverse more ethical and inclusive, Facebook will also be partnering up with numerous universities and non-profit organizations that represent minority groups. The list includes Women in Immersive Tech, National University of Singapore, Africa No Filter, and The University of Hong Kong.

Facebook has started adopting more user-centric strategies to prioritize its consumers and keep the platform more secure against rumors and speculations. The organization has been working invariably to make the platform more transparent by keeping its algorithms in check and displaying relevant content to its consumers.

News, Technology News, Virtual Reality & Augmented Reality News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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