Facebook Sets Executive Team and $50M for Metaverse Development

Over the years, Facebook has expressed its interest in blockchain technology as well as cryptocurrencies. Recently, the social media giant announced that it had decided to set aside a fund of $50 million that would be used for research and XRP programs in the next two years. Facebook said in the announcement that the funds would be utilized for developing a roadmap that will be used by the platform for coming up with its own metaverse. Some of the aims of this funding include promoting ‘global research and program partners’ for developing the metaverse and for promoting internal research as well.

According to Facebook, it should be noted that the development and progress of this particular project was not solely dependent on the social media company itself. As a matter of fact, the announcement disclosed that Facebook would also be working with experts, regulators and also industry experts who can all help in bringing the metaverse to life. This metaverse project will then be used for developing a number of projects and these include digital collectibles. They would also enable people to interact with the physical environment as well as each other. The XR Program and Research Fund, which was established by Facebook, would be used for distributing the funds related to this initiative.

Back in June, speculations had first started about Facebook working on the metaverse project after the social media company had announced developing an executive team that would have oversight over the project. Facebook said that their goal was to make the time people spend online more meaningful. Even though the company has made the decision of setting aside the massive $50 million fund, Facebook also asserted that it wouldn’t be possible for them to introduce a comprehensive version before at least ten years. Nonetheless, the social media firm added that the completed version would offer a wide range of products and services to its users.

Furthermore, the social network has added that they will be collaborating with universities and non-profit organizations for due diligence when it comes to the new metaverse project. Some of the prominent groups that will join this initiative include Africa No Filter, University of Hong Kong, the National University of Singapore and Women in Immersive Tech. It is also worth noting that Facebook is certainly not the only firm that’s working on building a metaverse. There are a number of prominent blockchain networks that have already begun the development of interoperable and decentralized metaverses and some have ended up making significant strides in this process. 

Currently, Decentraland appears to be leading in all matters metaverse. They have already succeeded in making a metaverse on Ethereum, which comprises of virtual properties, lands and more and all of this can be accessed by the decentralized community of the blockchain. People can use the Decentraland metaverse for creating 3D environments, sell digital content or make avatars. Sandbox is another notable metaverse project. Players can use this NFT-based game for purchasing digital land, create a gaming experience on it and share with others. 

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