As part of the aim of creating a virtual metaverse, Facebook has established a $50 million investment fund to encourage research into Extended Reality (XR) programs over the next two years. The metaverse, according to Facebook’s announcement, will be built responsibly and collaboratively with multiple partners, including legislators, industry experts, and other parties.
Facebook’s goals extend even further, with the company promising that this metaverse will function regardless of whether the social media giant is “present or not.” A project of this magnitude will take a long time to complete, and Facebook acknowledged that it could take more than a decade. This is because success may be contingent on several things, including “strong interoperability between services,” which enables collaboration between different organizations.
Facebook, which is also working on its cryptocurrency project, has long been criticized for its lack of privacy. Therefore, one of the primary objectives of the next metaverse will be to “minimize the volume of data used.”
To do this, the companies involved in the project will need to develop technology that enables privacy-protective data utilization while still providing individuals with insight and management over their information. The metaverse will need to foster competition, sustain a “sustainable digital economy,” strengthen safety and make it accessible to all users.
While Facebook raises funds to develop its metaverse, crypto developers have made significant progress in creating their own open and interconnected metaverses.