Facebook Allocates $50M Fund to Research Metaverse Development

Facebook Allocates $50M Fund to Research Metaverse Development
  • Facebook allocates $50M fund to research metaverse development.
  • Facebook will integrate with policymakers, experts, and industry partners.
  •  Metaverse even takes a lot of time to develope.

One of the popular social media Facebook announced, it will allocate $50 million for the fund that focuses on metaverse research. Facebook will integrate with policymakers, experts, and industry partners, mentioned by Facebook Reality Labs VP, Andrew Bosworth and Nick Clegg, a VP of Global Affairs.

Accordingly, the executives also stated that the metaverse research will help to build human connection despite physical distance and without connection to devices. The program aims to make sure that the products would be built accordingly. Even more, metaverse will not happen in just one night but rather it will take a 10–15-year journey.

In the note, the metaverse, a term that used to refer to a digital space within virtual platforms like online games, social media, and virtual reality. Metaverse is not just spending more time online but it is about developing the time you do spend online in a meaningful manner.

Henceforth, a two-year research fund focused on developing the metaverse equitable and fair and finding particular challenges within the space. The massive expansion of metaverse proves that there is much more opportunity in the program.

More so, Facebook intention to move even further as it promised that the metaverse will operate even the Facebook is there or not. Metaverse even takes a lot of time to develop. The social media, Facebook is also planning to build its cryptocurrency project. But it has faced lots of negativity throughout the years concerning privacy or lack of it.

Recommended for You

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.