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Facebook is spending $ 50 million building a metaverse

 


Facebook will spend $ 50 million on initiatives and partnerships related to the Metaverse over the next two years.

Facebook has a 50-million-dollar fund announced, which should help the company to develop the Metaverse responsible. It is officially called the “XR Programs and Research Fund” and, according to the company, will be invested in “programs and external research” over the course of two years.

In the announcement, Facebook also announced its definition of the word “metaverse”. The company describes it as “virtual spaces in which one can create and explore something together with other people” that are not physically present and that span a variety of products and services. Facebook says the fund's goal is to ensure that it builds its part of the metaverse in terms of compatibility with other services, as well as inclusivity, privacy, security, and "economic opportunity".

While the company stresses that it takes privacy and human rights seriously, Facebook's history in these areas has also raised questions about whether the company should be allowed to centralize the metaverse. On Aug. 20, VentureBeat reported that founders and tech executives were concerned about the social media giant's plans in the field.

Facebook says it will work with government, industry, and academia experts to address potential issues, including engaging human rights and civil rights communities to ensure the technologies are "inclusive and empowering." This includes creating widespread economic opportunities across the digital economy, maximizing user privacy, and ensuring user safety and accessibility as a top priority.

Facebook says it will partner with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States. It also says it will enable "independent outside research" with organizations like the University of Hong Kong and the National University of Singapore.

Facebook is also changing its leadership. Last week the social media company announced that Andrew Bosworth, the current vice president for augmented and virtual reality, has been promoted to chief technology officer. He will replace Mike Schroepfer, who will become Facebook's first Senior Fellow “sometime next year,” the company said in a blog post. Facebook CEO Mark Zuckerbeg said:

“He [Schroepfer] has played a pivotal role in almost everything we've done - from building and scaling our teams, to looking after many of our key executives, to help develop new technologies like AI and VR to Operation of our infrastructure and our business services on a global basis. "

As CTO, Bosworth will continue to lead Facebook Reality Labs and drive the company's work on VR and AR, as well as other technologies.

While Facebook is trying to mobilize capital to develop its metaverse, crypto developers have already made strides in building their own decentralized and interoperable metaverse.

Decentraland's open-world metaverse consists of a decentralized community-owned virtual world built on top of the Ethereum blockchain. Users can set up 3D environments, create avatars or present a range of digital content that can be monetized.

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