Major social media platform Facebook announced on the 27th that it will invest $50 million in the development of Metaverse over the next two years. The company said it will work with policymakers, experts, and companies around the world to promote long-term activities.
Facebook commented in its blog post:
“As we focus on helping to build the next computing platform, our work across augmented and virtual reality and consumer hardware will deepen that human connection regardless of physical distance and without being tied to devices.”
The company explained that by building a virtual space, even if they are separated, they will create an environment where they can play or work as if they were in the same place as their friends and family.
The blog post also mentioned that Metaverse is not built by a single company, but is an independent technology like the Internet. Since the technology will take at least 10-15 years, Facebook mentioned that it would maintain a long-term perspective and cooperate with various governments and experts.
As part of its establishment of the ‘XR Programs and Research Fund’, the company would invest $50 million globally in Metaverse-related programs over the next two years, with an emphasis on financial opportunities, privacy, safety, and public affairs.
Some of the initial partners of the fund include the Organization of American States, African organizations such as Africa No Filter, Electric South, and Imisi3D, along with the European organization Women In Immersive Tech.
It will also support research on ‘safety, ethics, and responsible design’ at Seoul National University and the University of Hong Kong, research on privacy and data use at the National University of Singapore, and research on diversity in the IT industry of Howard.