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Facebook announces a $50 million investment fund to further its virtual metaverse

Facebook states that it will put $50 million into a two-year fund. Therefore, to start work on achieving the company’s virtual metaverse goal.

Metaverse Plan By Facebook

Facebook’s metaverse plan, laid out in a Sept. 27 release. The cash earmarked for “global research and program partners” aiming to expand the platform in addition to internal research.

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, emphasized the announcement.

Through their avatar in a virtual environment, individuals will interact with one another, digital items, and the actual world. The money will come from Facebook’s XR Programs and Research Fund.

Rumours Afloat Since June

Rumours about Facebook’s plans to create a virtual metaverse first surfaced in June. Additionally, the company announced the establishment of an executive team to manage the project the following month.

Facebook 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 its newest statement.

Despite the $50 million investment fund, Facebook estimates it will be more than a decade before a fully functional version of its metaverse with a diverse set of businesses and services is available.

The Various Partnerships by Facebook

Facebook partners with several universities and non-profit organizations portraying minority groups. Additionally, including Women In Immersive Tech, Africa No Filter, The University of Hong Kong, and the National University of Singapore. Therefore, to ensure that the deployment of its metaverse is ethically and inclusively.

As Facebook mobilizes funds to begin establishing its metaverse, crypto developers have already made significant progress in creating their own decentralized and compatible metaverses.

Decentraland – Open World Metaverse

The open-world metaverse created by Decentraland is a decentralized community-owned virtual environment based on the Ethereum network. Users may construct 3D settings, avatars and exhibit a variety of monetizable digital material.

The Sandbox, meantime, is an NFT-powered game in which players may purchase digital plots of land and build gameplay experiences on top of them to enjoy with other players.

Read More: Reddit’s Worth Increased By $4 Billion Since February, Thanks To A New Investment Round.

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