Facebook announces a $50 million investment to build the metaverse responsibly

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Facebook has announced that it is working towards the development of the next computing platform, metaverse, that will bring human beings closer than ever irrespective of their physical distance and without being connected to gadgets.

According to Facebook, the metaverse is a "set of virtual spaces where you can create and explore with other people who aren't in the same physical space as you". These virtual spaces will allow you to create, shop, learn, play, work, and hang out with friends without being in the same physical space. VP Facebook Reality Labs, Andrew Bosworth, and VP, Global Affairs, Nick Clegg said that "metaverse isn't a single product one company can build alone. ... And it won’t be built overnight. Many of these products will only be fully realized in the next 10-15 years".

The company says that it will join hands with experts in academia, industry, and government to evaluate opportunities and issues such as equity and inclusion, safety and integrity, privacy, and economic opportunity to build metaverse responsibly. Various companies will have to work together to create robust interoperability across services so that the success of metaverse can be made certain. In order to build metaverse technologies in a manner that is empowering and inclusive, the involvement of civil rights and human rights communities will also be important.

For metaverse, Facebook has announced a two-year $50 million investment, XR Programs and Research Fund, in programs and external research to aid in this endeavor.

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