Facebook raises $ 50 million for Metaverse funds

The Investment Fund is a two-year project involving several key research and technology partners

Facebook wants to invest $ 50 million in a project with which it and its partners want to “responsibly” build a virtual metaversum, the company announced on Monday.

The “Metaverse” provides a virtual space for individuals that allows them to interact, create and share something with others who are not in the “same physical space”. Here people can work, hang out, study or even shop-all in a virtual world.

The virtual environment in a metaverse is not a single product, the company explained, explaining that the whole idea could be realized in 10-15 years.

“There is still a long way to go. But as a starting point, we announce the XR Programs and Research Fund, a two-year, $ 50 million investment in programs and external research to help us do that.”

Facebook plans to work with experts from all fields, from government to the tech industry and academia to civil rights groups and nonprofits. According to the social media giant, it’s all about exploring how best to build the metaverse.

As a first partner, Facebook will work with the Organization of American States, Africa No Filter, Imisi3D and Women In Immersive Tech.

The programme will also benefit from independent external research from several universities around the world. These include Seoul National University, National University of Singapore, Howard University and University of Hong Kong.

Together, the researchers and scientists of these institutions will focus on key issues such as privacy, data protection, security and ethics. Another important topic will be the study of responsible design and economic opportunities.

Crypto enthusiasts may already know what a metaverse looks like, given the success of projects like Decentraland. The Ethereum-based virtual reality platform was launched in 2017 and opened to the public in February 2020, allowing users to explore, create and trade.

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