Facebook Declares 50 Million USD Investment Fund For Developing Its Virtual Metaverse

Facebook has declared that it will allocate fifty million dollars to a 2-year fund allocated to commence work on realizing the social network’s vision for a virtual metaverse.

A recent announcement describes the social giant’s roadmap to build its metaverse, with the funding meant to back “global research and program partners” looking to build out the platform in addition to internal research.

The announcement highlighted,

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life.”

The metaverse will permit individuals to interact with each other, digital objects and the physical world through their avatar in a virtual environment. The aforementioned funding will be disbursed through the firm’s XR Programs and Research Fund.

Speculations of Facebook’s plan to build out a virtual metaverse started circulating in the month of June, with the firm declaring the establishment of an executive team tasked with supervising the project the subsequent month.

In its recent announcement, the company claims that its metaverse

“is not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”

In spite of the 50 Million USD investment fund, Facebook is of the stance that it will take over a decade until a complete version of its metaverse will be live and featuring an extensive array of products and services.