Facebook announced its plans to invest $50 million into building out the metaverse — a term used to describe virtual, interactive spaces in the digital world. It defines the metaverse and calls it the ‘next computing platform’
The social media giant- Facebook, has announced a $50 million fund“responsibly” to build a metaverse. It’s officially called the XR Programs and Research Fund, and the company says it’ll be invested into “programs and external research” over two years. This follows a statement made by its CEO and co-Founder CEO Mark Zuckerberg in June that the company is on a path to become “a metaverse company.”
Facebook says it will work with experts in government, industry and academia to troubleshoot potential issues, while also involving human rights and civil rights communities to ensure the technologies are built to be “inclusive and empowering.” This includes creating widespread economic opportunity across the digital economy, maximizing user privacy and keeping user safety and accessibility a top priority.
Facebook’s vice president of reality labs Andrew Bosworth and vice president of global affairs Nick Clegg said;
“The metaverse won’t be built overnight by a single company, we develop technology rooted in human connection that brings people together. And as we focus on helping to build the next computing platform, our work across augmented and virtual reality and consumer hardware will deepen that human connection regardless of physical distance and without being tied to devices,” he added.
The company says it’ll be partnering with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States. It also says it’ll “facilitat[e] independent external research” with organizations like the University of Hong Kong and the National University of Singapore.
IMPLEMENTATION OF METAVERSE
This “metaverse” is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. You’ll be able to hang out with friends, work, play, learn, shop, create and more. The metaverse isn’t a single product one company can build alone. Many of these products will only be fully realized in the next 10-15 years.
Many of its implementation use cases focus on realising economic opportunity -how we can give people more choice, encourage competition and maintain a thriving digital economy, Privacy, Safety and Integrity, Equity and Inclusion.
Earlier this month, the company also launched its first smart glasses – Ray-Ban Stories – that let users capture photos, record videos, listen to music, podcasts and take phone calls without involving their smartphone. Exploring new technologies such as artificial intelligence and augmented reality will help Facebook to diversify its portfolio and add to its sales, industry experts said.
“We believe the metaverse is a sufficiently large opportunity for a company the size of Facebook to chase. Despite the recent hype, the metaverse remains Facebook’s most potent and underappreciated innovation opportunity.”