Facebook has announced it will allocate $50 million to a two-year fund tasked with beginning work on realizing the firm’s vision for a virtual metaverse.

A Sept. 27 announcement articulates Facebook’s roadmap for building its metaverse, with the funding slated to back “global research and program partners” looking to build out 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.

The Metaverse will allow people to interact with one another, digital objects and the physical world through their avatar in a virtual environment. Funding will be disbursed through Facebook’s XR Programs and Research Fund.

Rumors of Facebook's plan to build out a virtual metaverse began circulating in June, with the firm announcing the formation of an executive team tasked with overseeing the project the following month.

In its latest announcement, Facebook asserts that its metaverse “is not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”

Despite the $50 million investment fund, Facebook believes it will take more than a decade until a comprehensive version of its metaverse will be live and featuring a wide array of products and services.

To ensure its metaverse is deployed in a way that is ethical and inclusive, Facebook has also partnered with multiple universities and non-profit organizations representing minority groups, including Women In Immersive Tech, Africa No Filter, The University of Hong Kong, and the National University of Singapore.

As Facebook moves to mobilize capital to begin developing its metaverse, crypto developers have already made strides in building out decentralized and interoperable metaverses of their own.

Decentraland’s open-world metaverse comprises a decentralized community-owned virtual world built on the Ethereum blockchain. Users can build 3D environments, create avatars, or showcase a range of digital content which can be monetized.

Similarly, the Sandbox is an NFT-powered game in which players can buy digital plots of land and create gaming experiences on top of them to share with other users.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP