Facebook has announced it will allocate $50 million to a two-year fund tasked with beginning work on realizing the firm’s vision for a virtual metaverse.
A Sept. 27 announcement articulates Facebook’s roadmap for building its metaverse, with the funding slated to back “global research and program partners” looking to build out the platform in addition to internal research.
The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” emphasized the announcement.
The Metaverse will allow people to interact with one another, digital objects and the physical world through their avatar in a virtual environment. Funding will be disbursed through Facebook’s XR Programs and Research Fund.