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Facebook has announced a $50 million fund to help develop virtual metaverse in the course of two years “built in a way that's inclusive and empowering." The new XR Programs and Research Fund will be invested into “programs and external research” in a way that’s compatible with services such as inclusivity, privacy, safety, and “economic opportunity.”
Facebook Wants to Develop Its Own Metaverse
Facebook, the world’s largest social networking site will work towards building its very own metaverse in collaboration with experts in government, industry, and academia to work through issues and opportunities in the virtual reality “responsibly.”
The company describes metaverse as “virtual spaces where you can create and explore with other people”, allowing people to interact with one another in a virtual environment. Under the arrangement, the nascent technology will be built in such a way that’s inclusive and empowering.
Facebook says it’ll be partnering with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States with independent external research with organizations like the University of Hong Kong and the National University of Singapore.
In June, rumors started circulating on the internet that the social networking site will eventually become a metaverse company after the firm announced the formation of an executive team to work on the company’s vision for a digital universe.
Blockchain-Based Virtual World
With a centralized platform like Facebook venturing into developing its own metaverse, blockchain-based platforms are one step ahead in building interoperable and decentralized metaverses of their own.
The widely popular Decentraland built on the Ethereum blockchain comprises its own decentralized community in an open-world metaverse where users can build 3D environments, create avatars including other digital contents which can be monetized.
Similarly, The Sandbox, an NFT powered game allows players to buy digital pieces of real-state that players can buy to build interactive gaming experiences.