Facebook Sets $50M Fund and Executive Team to Develop Metaverse

Facebook has, over the years, shown interest in blockchain technology. The social media giant has announced that it has set aside a $50 million fund to be used in XR Programs and research over the next two years.

In the announcement, Facebook stated that the funds would be used in creating a roadmap that the platform will use to develop its own metaverse. Some of the objectives of this funding are to promote “global research and program partners” to develop the metaverse and promote internal research into this project.

Facebook Involve Strategic Partnerships

Facebook also noted that the development of this project would not just depend on the single effort of the social media company. Rather, the announcement noted that Facebook would also liaise with regulators, experts and industry experts to bring the metaverse to life.

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Some of the projects that will be developed using this metaverse project include digital collectables and allow people to interact with one another and the physical environment. Funds for this initiative will be distributed using Facebook’s XR Program and Research Fund.

Speculations about the social media giant developing a metaverse started in June after Facebook announced the development of an executive team with oversight over the project. “It’s about making the time you do spend online more meaningful,” Facebook noted.

Metaverse to be developed in a Decade

Despite setting aside this $50M fund, Facebook stated that the project would take more than ten years before a comprehensive version goes live. However, it notes that the completed version will feature a wide range of products and services.

Facebook has stated that the new metaverse project will include collaborations from non-profit organisations and universities for due diligence. Some of the mentioned groups that will join the initiative include Women in Immersive Tech, Africa No Filter, the National University of Singapore and the University of Hong Kong.

Facebook is not the only company building a metaverse. Major blockchain networks have already started building decentralised and interoperable metaverses, with some making great strides in this development.

Decentraland is taking the lead in matters metaverse. The blockchain has already built a metaverse on Ethereum that is made up of virtual lands, properties, and more, that its decentralised community can access. The Decentraland metaverse allows users to create 3D environments, avatars or sell digital content.

Another leading metaverse project is Sandbox. This NFT-based game allows players to purchase digital land, create a gaming experience on top of that land, and share the gaming experience with other users.

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