Facebook announced that it will provide $50 million for a fund over two years to help with the realization of its vision for a virtual world.
Facebook announced its roadmap for building its metaverse on Sept. 27, with funding to support “global research” and “program partners”, who will also be working to expand the platform.
One company won’t be able to build the metaverse in an hour. “We’ll work with industry partners, experts, and policymakers to bring this to fruition,” stated the announcement.
The Metaverse will enable people to interact with each other, digital objects, and the physical world via their avatars in a virtual environment. Funding will be provided through Facebook’s XR Programs and Research Fund.
Rumours about Facebook’s plans to create a virtual universe circulated in June. The firm announced the formation of an executive group tasked with overseeing this project the next month.
Facebook’s latest announcement states that the metaverse is not about spending more time online, but about making your time online more meaningful.
Facebook estimates that it will take over ten years to create a complete version of its metaverse, despite the $50 million investment fund.
Facebook also partners with several universities and non-profit groups representing minorities to ensure that its metaverse is ethically and inclusively deployed. These include Women In Immersive Tech and Africa No Filter.
Similar: Building the Metaverse with no bias: New industry, new rules
While Facebook is mobilizing capital to develop its metaverse, crypto developers are already making strides in creating decentralized and interoperable metaverses.
Decentraland’s open world metaverse is a decentralized, community-owned virtual universe built on the Ethereum blockchain. You can create 3D environments, avatars, and showcase digital content that can be monetized.
The Sandbox, a NFT-powered gaming platform that allows players to buy digital land plots and then create gaming experiences on top. This can be shared with other users.