Facebook announces progress on the development of metaverse

Facebook will be investing USD 50 Mn in global research and program partners and will be collaborating with industry partners, policymakers, and experts for further development of the metaverse.

The development of metaverse was first announced by Mark Zuckerberg with a Facebook post, and now the company has allocated funds, initiated programs, and partnered with organizations to build the next computing platform. The metaverse will be a set of virtual spaces replicating the real world, where users can work, hang out, or play online. Facebook states many of the products in the metaverse will require 10-15 years to be built.

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Facebook is associating with experts in government, academia, and industry and involving rights communities to build interoperability across services from different companies and make the platform comprehensive. The partnerships would intend to give users choice, minimize data used, and cater to the safety of users, and design technologies holding up to equity.

The partnerships will be supported by the XR Programs and Research Fund, a two-year 50 Mn USD investment in programs and external research. Current partners include the Organization of American States, Africa No Filter, Electric South, Imisi3D, and Women In Immersive Tech. The company is also facilitating independent external research with institutions such as Seoul National University and The University of Hong Kong.